The Order of the Letters Along the Rows of Computer

question 135

Multiple Choice

The order of the letters along the rows of computer keyboards could be changed to allow users to type faster, but this would inconvenience the vast majority of people who learned to type with the current keyboard layout.The costs of switching to a new layout make this change unlikely.This is an example of

• A)path dependency.
• B)how social influences overwhelm the substitution effect of a price change.
• C)how the elasticity of demand for typewriters has been affected by externalities.
• D)how consumers sometimes do not behave rationally.

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Definitions:

Paasche Price Index

An economic measure that calculates the change in the cost of purchasing a specific basket of goods and services in a given year compared to a base year, using the current year's prices.

Utility Function

A mathematical representation of a consumer's preference ranking for a set of goods or services, showing the level of satisfaction or utility derived from each combination of goods.

Doggerel

Verse or words that are poorly written or expressed, often characterized by irregularities or crudeness.

Paasche Price Index

The Paasche Price Index is a consumer price index used to measure the change over time in the prices of a basket of consumer goods and services, weighted by the purchases made in the current period.