A Byte Is a Single Value of 0 or 1

question 1

True/False

A byte is a single value of 0 or 1.

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Definitions:

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply and demand are balanced.

Equilibrium Level

The condition where supply in the market equals demand, resulting in price stability.

Competitive Market

A market structure characterized by numerous buyers and sellers, freedom of entry and exit, and products that are similar, allowing consumers to choose from a variety of options.

Government Price Support

Financial mechanisms set by the government to maintain the market price of a commodity or service above its equilibrium level to protect producers.