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A new technology is developed for producing microwave ovens that reduces production costs by 10%. ...

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A new technology is developed for producing microwave ovens that reduces production costs by 10%. ...

A new technology is developed for producing microwave ovens that reduces production costs by 10%. Which of the following is the most likely consequence of this technological change?
A) If firms do not adopt this new technology, then the economy will remain in general equilibrium, because firms will not change their price and output decisions.
B) Firms will continue to operate efficiently as long as no firm adopts this new technology.
C) This new technology will not affect efficiency, but it will change the equilibrium price and quantity for this industry.
D) Firms must adopt this new technology to remain efficient.

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Ryanteck Author

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6 years ago

You make an excellent tutor!

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