If a new technology helps in increasing the rate of production of a product, it may result in the increase in supply. Which will directly affect the price of the product in the market.
Law of Supply
The law of Supply says if the other things are constant such as demand, the increase in price leads to increase in supply, and vice versa. Also if there is increase in quantity it will lead to increase in supply.
Therefore, if the production of the product increases as given in the question, it will lead to increase in the supply.
Learn More about Supply here:
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