From health tips to tech hacks, find it all on IDNLearn.com. Our Q&A platform offers reliable and thorough answers to help you make informed decisions quickly and easily.
How does supply and demand affect the development of technology?
Shifts in the supply curve are usually the result of technological advancements that lower production input costs. Technological advancements that increase the efficiency of production will cause a supply curve to shift to the right. Consumers will demand more of the product at lower prices as the cost of production falls.
Shifts in a supply curve are usually the result of advances in technology that reduce the input costs of production. Technological advances that improve production efficiency will shift a supply curve to the right. The cost of production goes down, and consumers will demand more of the product at lower prices.
We appreciate your contributions to this forum. Don't forget to check back for the latest answers. Keep asking, answering, and sharing useful information. Thank you for choosing IDNLearn.com. We’re committed to providing accurate answers, so visit us again soon.
