Suppose the Number of Buyers in a Market Increases and a Technological

question 171

Multiple Choice

Suppose the number of buyers in a market increases and a technological advancement occurs also. What would we expect to happen in the market?

• A)Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
• B)Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.
• C)Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.
• D)Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.

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Definitions:

Psychological Empowerment

A state in which individuals feel a sense of control over their work and perceive their tasks as meaningful, leading to increased motivation and satisfaction.

Work Roles

The functions or responsibilities assigned to individuals in a professional setting.

Delegate Effectively

The skill of assigning responsibilities and tasks to others in a manner that ensures successful completion and efficiency.

Authority

The power or right to give orders, make decisions, and enforce obedience, often backed by laws or by the consensus of a group.