Since the Demand Curve for Computer Chips Is Elastic, a Decrease

question 49

Multiple Choice

Since the demand curve for computer chips is elastic, a decrease in the price of computer chips caused by an increase in productivity will _____ revenue for the computer chip industry and make computer chips a _____ share of the American economy.

• A) increase; larger
• B) increase; smaller
• C) decrease; larger
• D) decrease; smaller

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Definitions:

Constitution

The fundamental law or set of principles by which a state or organization is governed, defining the structure of government, the powers of its branches, and the rights of citizens.

Colonization

The process by which a country takes control over foreign lands, territories, or peoples to exploit them economically, often accompanied by settlement and economic domination.

Free Blacks

African Americans who were not enslaved and had either gained freedom through manumission, legal emancipation, or were born to free black parents.

Slaveholders

Individuals or entities that own slaves, typically in the context of historical periods where slavery was legally recognized.