The oil company 'Standard Oil' delivers Q amount of oil to the market. They developed a new technology which helps them drill oil at a cheaper cost. As a result, 'Standard Oil' would be willing to ________.
supply more oil at a given price
supply the same amount of oil at a lower price
If the costs of production go down, the supply curve shifts to the right as the willingness to sell would be greater at any given price. Hence, 'Standard Oil' would supply more oil at a given price and the same amount of oil at a lower price.