A Laptop Computer Changed the Standard Configuration of the Personal

question 2

Multiple Choice

A laptop computer changed the standard configuration of the personal computer by making it more portable while its components remained essentially the same. This is an example of:

• A)modular innovation
• B)competence-enhancing innovation
• C)competence-destroying innovation
• D)architectural innovation

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Definitions:

Labor Supply Decisions

The choices individuals make regarding how much labor to supply to the market, influenced by factors such as wages, working conditions, and personal preferences.

Pareto Optimal

A distribution of resources where it's infeasible to enhance the well-being of one individual without adversely affecting another.

Private Goods

Goods that are rivalrous and excludable, meaning consumption by one person diminishes availability for others, and access can be restricted.

Inelastic Demand

A market situation where the demand for a product does not change significantly with a change in price.