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:

Creativity

The ability to produce original and valuable ideas or solutions.

Five-Factor Model

A model that describes personality through five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Conscientiousness

A personality trait characterized by being thorough, careful, or vigilant; implies a desire to do a task well.

Dependability

The quality of being reliable, trustworthy, and consistently performing or meeting expectations.