Question: Question and Exercise 1 3 - 0 8 What will be the effect of a technological development that reduces marginal costs in a perfectly competitive

Question and Exercise 13-08
What will be the effect of a technological development that reduces marginal costs in a perfectly competitive market on short-run price and quantity?
The market supply curve will shift to the right, causing market price to fall and output to rise.
The market supply curve will shift to the right, causing market price to rise and output to fall.
The market supply curve will shift to the left because new technologies are expensive. Market price will fall and output will' rise.
The market supply curve will shift to the left because new technologies are expensive. Market price will rise and output will fall.
Question and Exercise 1 3 - 0 8 What will be the

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