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K Question 19 of 22 In Maricaibo, incandescent lightbulbs are being replaced with fluorescent lightbulbs, which have fewer negative effects and many more significant benefits. However, the energy efficiency of fluorescent lightbulbs has driven down the price of lightbulbs so significantly that incandescent lightbulbs can no longer compete. After six months, everybody has switched to the cheaper and better fluorescent lightbulbs. Assume that Maricaibo consumes the same quantity of lightbulbs now as they did six months ago. Please select the choice that best describes the short-run effects of this industrial change on Maricaibos GDP and its standard of living O There is not enough information to answer the question. O GDP increases and standard of living decreases. O GDP and standard of living both decrease. O GDP decreases and standard of living increases. O GDP and standard of living both increase.
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