If a Technological Advance Takes Place in the Computer Industry

question 55

Multiple Choice

If a technological advance takes place in the computer industry, then the equilibrium price of a computer will __________and the equilibrium quantity will__________ .

• A) fall; decrease
• B) rise; increase
• C) fall; increase
• D) rise; decrease

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Definitions:

Enacted Norm

A standard or rule of behavior that is established through actions and behaviors rather than formal agreements; practiced norms within a society or group.

Mythical Proportions

An expression describing something that has been exaggerated to an epic scale, often beyond reality.

Personal Conduct

refers to the behavior of an individual in various contexts, guided by personal morals, ethics, and societal norms.

George Washington

A Founding Father of the United States, first President of the United States, serving from 1789 to 1797.