Question

    What is the probable impact on supply when a technological breakthrough significantly reduces the time required to produce a certain product?

    A Supply decreases due to reduced time. Correct Answer Incorrect Answer
    B Supply increases due to reduced time Correct Answer Incorrect Answer
    C Supply remains unchanged Correct Answer Incorrect Answer
    D Supply decreases due to technological advancements Correct Answer Incorrect Answer

    Solution

    A technological breakthrough reducing production time generally enhances efficiency, encouraging producers to supply more of the product at any given price, thereby increasing overall supply.

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