A Firm Introduces A New Lower Cost Production Technology

5) A firm introduces a new lower cost production technology. As a result a) The firm’s inverse supply curve shifts to the right; b) The firm’s inverse supply curve shifts to the left; c) The firm’s inverse supply curve does not shift; d) There is a movement along the firm’s inverse supply curve; e) c) and d).

6) The price for a good supplied by a firm falls. As a result a) The firm’s inverse supply curve shifts to the right; b) The firm’s inverse supply curve shifts to the left; c) The firm’s inverse supply curve does not shift; d) There is a movement along the firm’s inverse supply curve; e) c) and d).