Suppose the Number of Buyers in a Market Decreases and a Technological

question 104

Multiple Choice

Suppose the number of buyers in a market decreases and a technological advancement occurs also.What would we expect to happen in the market?

• A)Equilibrium price would decrease,but the impact on equilibrium quantity would be ambiguous.
• B)Equilibrium quantity would increase,but the impact on equilibrium price would be ambiguous.
• C)Equilibrium quantity would decrease,but the impact on equilibrium price would be ambiguous.
• D)None of the above is correct.

---

Definitions:

Nomothetic Goals

Objectives or aims that apply universally, seeking to establish general laws and principles about human behavior.

Strategic

Pertaining to the identification of long-term goals and the creation of plans to achieve these goals, often in the context of business or military operations.

Primary Goals

The main objectives or targets that an individual or group aims to achieve.

David McClelland

A psychologist known for his work on motivation, specifically the Theory of Needs concerning achievement, power, and affiliation.