As aforementioned, mobile devices have become an essential from a luxury. The mobile industry …show more content…
The reason for this has no other reason than, wants and needs of the newest technologies by the consumer. In regards to the supply curve Schiller indicates that we must always question what, how and for whom (Schiller, 2013). Let me also point out that Doc indicated, “The most prominent and sought-after effect of technological advancement is the ability to increase production. Advancements in production mean suppliers can produce more goods at a cheaper cost, thus pushing the supply curve outward from left to right on the x-axis. This effectively lowers the equilibrium price point, unless demand for the product increases, or shifts outward left to right, to meet the increased production levels at the current price point” (Doc).
With increased production previously meant that the price increase. No longer is this true, technology has allowed for the products to be created quicker and more economically. Manufactures have become more competitive, thus increasing the necessity for production increase to meet the consumers need. However, as we have seen that increased production often causes issues to not be addressed