Question: Help Save & Exit Imagine there is originally an equilibrium and call it the old equilibrium. Suppose that a new technology allows producers to produce

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Imagine there is originally an equilibrium and call it the "old" equilibrium. Suppose that a new technology allows producers to produce electric vehicle more efficiently. Assume that the demand is fixed. Compared to the "old" equilibrium, the new equilibrium price and the new equilibrium quantity

Multiple Choice

increases; increases

increases; decreases

may increase or decrease; increases

decreases; increases

3

12

Help Save & Exit Imagine there is originally an

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