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. Also read: Price Elasticity of Supply.

Detailed explanation-2: -New technology A technological improvement that reduces costs of production will shift supply to the right, causing a greater quantity to be produced at any given price.

Detailed explanation-3: -Answer and Explanation: An increase in production technology lowers the cost of production. This causes suppliers to increase the quantity supplied at every price. This means that the supply curve will shift right.

Detailed explanation-4: -Technology is a factor of an aggregate supply curve. As it gets improved, the cost of production decreases, and production increases, causing an increase in the aggregate supply curve. It causes the price levels to fall and output levels to rise in an economy.

Detailed explanation-5: -The supply of a good increases if the price of one of its complements in production rises. The supply a good decreases if the price of one of its complements in production falls. Resource and input prices influence the cost of production.