COGNITIVE ASSESSMENT You Want to Use the UMB Cellular Transmission

question 145

Multiple Choice

COGNITIVE ASSESSMENT You want to use the UMB cellular transmission standard on your new mobile phone. Which standard will you use?

• A) 2G
• B) 3G
• C) 4G
• D) 5G

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Definitions:

Shortage/Surplus

An economic condition where the quantity demanded is greater than (shortage) or less than (surplus) the quantity supplied at the market price.

Demand Equation

A mathematical representation of the relationship between the quantity of a good demanded and its price.

Supply Equation

A mathematical formula that represents the relationship between the quantity of a good supplied and its price.

Price Ceiling

A maximum price set by the government for particular goods and services that cannot legally be charged above to prevent prices from being too high.