If a Technological Advance Takes Place in the Computer Industry

question 477

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

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Definitions:

Self-Concept

An individual's perception and evaluation of themselves, including beliefs, feelings, and thoughts about one’s identity and attributes.

Schema

A cognitive framework or concept that helps organize and interpret information in the world around us.

Impressions

The initial thoughts or feelings about someone or something, formed quickly and without much evidence.

Stereotypes

Oversimplified, generalized ideas or beliefs about the characteristics, attributes, and behaviors of a particular group or individual.