If Technological Advances Lower the Cost of Computer Chips, in the Market

question 25

Multiple Choice

If technological advances lower the cost of computer chips, in the market for computers the equilibrium price will ________ and the equilibrium quantity will ________.

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

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Definitions:

Probability Distribution

An equation in mathematics that determines the chances of various potential outcomes in an experiment.

Standard Deviation

A statistical metric that quantifies the variation or spread of a dataset relative to its mean.

Number Of Clients

The total count of clients or customers that a business, service, or professional serves.

Standard Deviation

A statistical measurement of the dispersion or variability within a data set.