Other things the same, if technology increases, then in the long run
A)both output and prices are higher.
B)output is higher and prices are lower.
C)output is lower and prices are higher.
D)both output and prices are lower.

Question

Quizplus · Accepted Answer

An increase in technology typically makes production more efficient, leading to an increase in output. As production costs decrease due to the efficiency gains, prices tend to lower as well.

Other Things the Same, If Technology Increases, Then in the Long