What Will Happen to the Equilibrium Price and Quantity of Landline

question 249

Multiple Choice

What will happen to the equilibrium price and quantity of landline phone services if new technologies lower the costs of providing such services and, at the same time, alternatives such as the Internet or smart phones have become more popular?

• A) price will fall and the effect on quantity is ambiguous
• B) price will rise and the effect on quantity is ambiguous
• C) quantity will fall and the effect on price is ambiguous
• D) quantity will rise and the effect on price is ambiguous

Understand the different types of decisions (programmed vs. nonprogrammed) and the context in which they are made.

Identify and understand common decision-making traps and how they can influence outcomes.

Appreciate the concept of unintended consequences in decision-making and the importance of tacit knowledge over explicit knowledge.

Identify various types of igneous rocks based on their characteristics.

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Definitions:

Connective Tissue

Tissue type that supports, binds together, and protects tissues and organs of the body, made up of cells, fibers, and extracellular matrix.

Cardiac Muscle

Specialized muscle tissue found only in the heart, known for its endurance and ability to contract rhythmically without fatigue.

Skeletal Muscle

A type of striated muscle tissue which is attached to bones and is responsible for voluntary movements.

Dense Fibrous Connective

Tissue in the body composed of tightly packed collagen fibers, providing strength and rigidity to structures like tendons and ligaments.