Answer:
... an increase in supply due to an improvement in technology will result in a lower price and decrease in total revenue.
Explanation:
Price Elasticity of Demand = % change in quantity demanded / % change in price
When elasticity < 1, % change in price will be larger than % change in quantity demanded.
Increase in supply means increase in quantity to be sold. There will be a larger decrease in price (Normally when price rises quantity demanded falls and vice versa)
Revenue = Price x Quantity => when price decreases more than quantity increases, revenue will fall
