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Technical progress that leads to a reduction in costs results in?

Economics
JAMB 1990
Technical progress that leads to a reduction in costs results in?
  • A. an increase in equilibrium price and quantity
  • B. a decrease in equilibrium price and quantity
  • C. an increase in equilibrium price and decrease in equilibrium quantity
  • D. a decrease in equilibrium price and increase in equilibrium quantity
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Correct Answer: Option D
Explanation
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