For over a decade, the primary raw material used in manufacturing a widely-used electronic component has become increasingly expensive, with its price remaining consistently high. During this same period, significant breakthroughs in materials science have made a new, alternative material a viable and cost-effective replacement. Which of the following outcomes is the least likely to occur in the long term as a result of these two concurrent trends?
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Introduction to Microeconomics Course
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Ch.8 Supply and demand: Markets with many buyers and sellers - The Economy 2.0 Microeconomics @ CORE Econ
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For over a decade, the primary raw material used in manufacturing a widely-used electronic component has become increasingly expensive, with its price remaining consistently high. During this same period, significant breakthroughs in materials science have made a new, alternative material a viable and cost-effective replacement. Which of the following outcomes is the least likely to occur in the long term as a result of these two concurrent trends?
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