What happens to the market equilibrium price when a technological advancement reduces production costs for suppliers?

When a technological advancement lowers production costs for suppliers, it makes it cheaper for them to produce goods. As a result, suppliers are usually willing to produce and sell more of the product at each price level. This increase in supply shifts the supply curve to the right. When supply increases while demand stays the same, the market equilibrium price tends to decrease because there is more product available than before. For example, if a factory uses a new machine that cuts production costs, it can lower prices for consumers, leading to more sales and a new equilibrium at a lower price.