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प्रश्न
How does an improvement in production technology influence the supply curve of a firm?
What is the impact of the level of technology on supply?
Explain the effect of improved technology on the supply curve of a commodity.
उत्तर
Improvement in technique of production reduces the cost of production. Consequently, profits tend to increase, inducing an increase in supply and the supply curve shifts to the right.
Technological advancement → Cost ↓, → Profit ↑ → Supply ↑ → Rightward shift
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