If a new technology reduces production costs for a good, how would this typically affect its market price and quantity sold?

When a new technology reduces production costs for a good, it usually makes it cheaper for companies to produce that good. As production costs go down, businesses can lower their prices to attract more customers. This lower price often leads to an increase in the quantity of the good sold because more people are willing to buy it at the lower price. For example, if a company that makes smartphones finds a way to produce them for less money, they might lower the price, which could lead to more people buying those smartphones. Overall, the combination of lower prices and increased quantity sold benefits both consumers and producers.