Business, 24.02.2020 22:09 Nov25

Find the flaw(s) in reasoning in the following statement, paying particular attention to the distinction between shifts of and movements along the supply and demand curves. "A technological innovation that lowers the cost of producing a good might seem at first to result in a reduction in the price of the good to consumers. But a fall in price will increase demand for the good, and higher demand will send the price up again. It is not certain, therefore, that an innovation will really reduce price in the end." Select the part of the statement that is incorrect. Both parts of the statement are incorrect. "A technological innovation that lowers the cost of producing a good might seem at first to result in a reduction in the price of the good to consumers." Neither part of the statement is incorrect. "But a fall in price will increase demand for the good, and higher demand will send the price up again. It is not certain, therefore, that an innovation will really reduce price in the end."

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