More and More Devices Are Being Introduced into the Market

question 124

Multiple Choice

More and more devices are being introduced into the market that perform tasks similar to that of PCs, such as tablets and smartphones. At the same time, the price of computer chips to make high-end PCs continues to fall. What is the effect of the events on equilibrium price and quantity of high-end PCs?

• A) Price falls continuously as does quantity sold.
• B) Price rises then falls while quantity sold falls continuously.
• C) Price falls continuously while quantity falls initially but then rises, recouping earlier losses.
• D) Price falls continuously and quantity rises continuously.

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Definitions:

Essentialist Argument

A perspective that suggests that certain traits, characteristics, or behaviors are innate and immutable, often linked to biological or inherent features of individuals or groups.

Epistemologically

Pertaining to epistemology, the branch of philosophy concerned with the nature, scope, and limitations of knowledge.

Karl Marx

A 19th-century philosopher, economist, and revolutionary socialist who developed the theory of Marxism, focusing on the class struggle and the need for the working class to overthrow capitalist societies.

Emile Durkheim

A foundational French sociologist who contributed to the establishment of sociology as a discipline with his theories on social cohesion and collective conscience.