Asked by
Caylin Davis
on Dec 11, 2024
Verified
A technological breakthrough lowers the cost of manufacturing microwave ovens. As a result, the market changes to a new equilibrium because of
A) an upward movement along the demand curve for microwave ovens.
B) a rightward shift in the demand curve for microwave ovens.
C) a rightward shift in the supply curve for microwave ovens.
D) a shortage of microwave ovens.
Technological Breakthrough
A significant and sudden advance in technology that dramatically changes a product, process, or industry.
Microwave Ovens
Electrical appliances used to cook or heat food by utilizing microwave radiation.
Manufacturing Cost
The total expenses incurred in the process of producing goods, including the cost of materials, labor, and overhead.
- Analyze the effects of technological progress on supply dynamics and the balance of market forces.
- Appreciate the contribution of changes in supply and demand to the equilibrium prices and quantities in the market.
Verified Answer
NR
Learning Objectives
- Analyze the effects of technological progress on supply dynamics and the balance of market forces.
- Appreciate the contribution of changes in supply and demand to the equilibrium prices and quantities in the market.