assume that ford motor company engineers achieve a revolutionary technological b

Question

assume that ford motor company engineers achieve a revolutionary technological breakthrough in ths production process of automobiles. which of the following is expected to take place?
a.a movement up along the existing supply curve for Ford automobiles
b. an outward shift of the supply curve for Ford automobiles
c. the supply of Ford automobiles will remain unchanged
d. a downward movement along an existing supply curve for Ford automobiles
e. an inward shift of the supply curve for Ford automobiles

Explanation / Answer

Option (b).

Technological enhancement will lower the cost of production, which will increase supply. So the supply curve will shift outward.

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