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MICROECONOMICS CH : 11 THEORY OF SUPPLY — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 11 THEORY OF SUPPLY2 Marks
Question
How does technological progress affect the supply curve of a firm?
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Answer

A cost saving technological progress will reduce the marginal cost of production. So the marginal cost curve shifts downward. It means supply curve shifts forward, signifying increase in supply.

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