How does technological advancement impact long-run aggregate supply in an economy?

Technological advancement greatly impacts long-run aggregate supply by improving the efficiency of production. When new technologies are introduced, businesses can produce more goods and services with the same amount of resources, like labor and raw materials. For example, if a factory adopts a new machine that speeds up production, it can make more products in less time, allowing it to meet higher demand without needing more workers. This increase in productivity shifts the long-run aggregate supply curve to the right, meaning the economy can produce more at every price level. As a result, overall economic growth can occur, benefiting consumers with more goods and potentially lower prices.