In the 1970s, personal computers cost $5,000. Today they cost $800. What happened to quantity of computers demanded?

The question is asking about the change in the quantity of computers demanded, given a significant decrease in price from the 1970s to today.

1. Understanding the Law of Demand: The law of demand is a fundamental principle in economics that states that at a higher price, consumers will demand a lower quantity of a good, and at a lower price, consumers will demand a higher quantity of a good, assuming all other factors remain the same.

2. Applying the Law of Demand to the Situation: In the 1970s, personal computers cost $5,000. Today, they cost$800. According to the law of demand, we would expect the quantity of computers demanded to increase as