The Initial Supply and Demand Curves for a Good Are

question 110

Multiple Choice

The initial supply and demand curves for a good are illustrated in the above figure. If there are technological advances in the production of the good, then the new equilibrium price for the good

• A) is less than $6.
• B) is $6.
• C) is more than $6.
• D) could be less than, equal to, or more than $6.

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