A Technological Advancement Has Just Occurred in the Phone Camera

question 323

Multiple Choice

A technological advancement has just occurred in the phone camera industry. In the computer chip market this will lead to

• A) an increase in price and a decrease in quantity.
• B) an increase in price and an increase in quantity.
• C) a decrease in price and a decrease in quantity.
• D) a decrease in price and an increase in quantity.

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Definitions:

Assignment

Assignment refers to the transfer of rights, property, or responsibilities from one party to another.

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payee able to transfer it to another holder.

Consideration

In contract law, something of value given by one party in exchange for something of value from another party, forming the basis for a contract.

Binding Contract

An agreement between parties that is legally enforceable in a court of law.