It Is Sometimes Said That Waves of Important New Technologies

question 80

Multiple Choice

It is sometimes said that waves of important new technologies occur as

• A)rolling cycles.
• B)flows.
• C)phases.
• D)streams.
• E)pairs.

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Definitions:

Price Floor

A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below it.

Shortage/Surplus

Conditions where the quantity demanded is greater than the quantity supplied (shortage) or the quantity supplied is greater than the quantity demanded (surplus) in a market.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a specific price level.

Quantity Supplied

The volume of a good or service available for sale from suppliers at a certain cost.