If a Technological Improvement Took Place in the Computer Industry

question 46

Multiple Choice

If a technological improvement took place in the computer industry, we would expect the equilibrium price of computers to

• A) increase and the quantity of computers sold to increase.
• B) decrease and the quantity of computers sold to increase.
• C) increase and the quantity of computers sold to decrease.
• D) decrease and the quantity of computers sold to decrease.
• E) increase and the quantity of computers sold to stay the same.

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Definitions:

President-elect Lincoln

Refers to Abraham Lincoln after winning the United States presidential election, before being officially inaugurated as President.

Compromise

Compromise involves making mutual concessions or reaching an agreement where conflicting parties find a middle ground.

1860 Convention

Refers to the Democratic National Convention of 1860, which was pivotal in the lead-up to the American Civil War, highlighting deep divisions over slavery.