Asked by juan manuel iglesias on Jun 18, 2024
Verified
Related to the Economics in Practice on p. 716: By 2001, the majority of the fishing fleet in the Indian state of Kerala had mobile phones. As a result of the introduction of mobile phone service to this fishing industry, ________ increased and ________ decreased.
A) profits; consumer prices
B) consumer prices; productivity
C) consumer prices; competition
D) competition; profits
Productivity
The efficiency of production measured by the amount of output per unit of input.
Consumer Prices
The prices paid by consumers for goods and services, which can fluctuate based on supply and demand, inflation, and other economic factors.
- Comprehend the consequences of integrating technology into conventional sectors and its impact on the dynamics of the market.
Verified Answer
AH
Alexandra HermanJun 18, 2024
Final Answer :
A
Explanation :
The introduction of mobile phones allowed fishermen to communicate with markets directly, leading to increased profits due to better price negotiations and decreased consumer prices due to more efficient market distribution, reducing waste and increasing supply.
Learning Objectives
- Comprehend the consequences of integrating technology into conventional sectors and its impact on the dynamics of the market.