The figure given below represents a firm in a market characterized by many buyers and one seller.MC represents the marginal cost, MR the marginal revenue, and D the demand curve of a firm.The firm is initially in equilibrium producing 6 units of output at a price of $10 per unit.
-Refer to Figure .Suppose the adoption of a new technology lowers the cost of production while the buyer's valuation remains unchanged.Which of the following changes will be observed by the firm?
Definitions:
Mandorla
An almond-shaped nimbus surrounding the figure of Christ or other sacred figure. In Buddhist Japan, a lotus-petal-shaped nimbus.
Polychrome Wood
Wood items decorated with multiple colors of paint, often found in sculptures, religious figures, and decorative arts.
Juan Martínez Montañés
A distinguished Spanish sculptor of the Baroque period, celebrated for his religious sculptures and altarpieces in wood.
Ceiling Fresco
A painting technique where the artwork is applied directly onto the plaster of a ceiling while it is still wet.
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