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Explain the influence on supply (if any) of the given changes Advances in technology make production less expensive. The resources formerly used to produce this
Explain the influence on supply (if any) of the given changes
- Advances in technology make production less expensive.
- The resources formerly used to produce this product are banned.
- There is an increase in the selling price of another product that the same manufacturer can make instead of this product.
- The selling price of the product increases.
- The good in question falls out of favor with consumers.
- The cost of producing this product rises.
- Producers expect higher future prices.
- The government decides to subsidize the production of this good.
- It is a normal good and buyers' incomes rise.
- Foreign producers are now allowed to compete with domestic producers.
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