One of the largest changes in the economy over the past few decades is that technological advances have reduced the cost of making smartphones. Show the effect of the reduction in production costs on the market for smartphones.

The reduction in production cost due to advance in technology will lead to larger market for smartphone.

Explanation:

Technological changes play a very important role in business. with improvement in technology, business grows rapidly. The new technology leads to better productivity and a reduction in costs.

It enables the business to enter into a new market that demands. Now technological advances enable the organization to produce better smartphones ant that too at a lower cost. This low production cost will reduce the price of smartphones and more markets will be captured.

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