When new technology for the more efficient production of peanut butter was implemented, the supply curve for peanut butter

Question

Business

Adyson Robinson

13 July, 21:19

When new technology for the more efficient production of peanut butter was implemented, the supply curve for peanut butter

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Answers (2)

Know the Answer?

Maia Fry · Answer 1

shifted to the right

Explanation:

the supply curve for peanut butter shifted to the right

Carsen King · Answer 2

The correct answer is: shifted to the right.

Explanation:

The shift in the supply curve: changes in production costs and related factors can cause an entire supply curve to shift to the right or to the left. This causes a greater or lesser amount to be offered at different prices.

When a company discovers a new technology that allows it to produce at a lower cost, the supply curve also shifts to the right. For example, in the 1960s, a great scientific discovery called the Green Revolution focused on growing improved seeds for basic crops such as wheat and rice. In the early 1990s, more than two thirds of wheat and rice in many low-income countries were grown with these seeds of the Green Revolution, and the harvest was twice as large per hectare. A technological advance that reduces production costs will shift supply to the right, which will cause more to occur at different prices.