ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Technology leads to an increase in the efficiency of the production process which results in the shifting of the supply curve to the right. With decreasing cost of production more and more customers will be demanding the product.

Detailed explanation-2: -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.

Detailed explanation-3: -A change in the number of sellers in an industry changes the quantity available at each price and thus changes supply. An increase in the number of sellers supplying a good or service shifts the supply curve to the right; a reduction in the number of sellers shifts the supply curve to the left.

Detailed explanation-4: -When a new technique of production reduces the cost of production, the supply curve shifts to the right. Improvement in technology reduces the cost of production per unit and increases the profit margin of producers. Hence the supply increases and shifts the curve to the right.