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.
C
Economics
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The joining of a firm with another to which it sells an output or from which it buys an input is known as
A) a conglomerate merger. B) a horizontal merger. C) a vertical merger. D) economies to scale.
Economics
Changes in a firm's profit induce ________ in the producer surplus (PS)
A) identical changes B) smaller changes C) larger changes D) no changes
Economics