For most of last year, firms in the country of Ludditia were rapidly upgrading their technology. However, after it was learned that the Coronavirus would not affect computers, a tech bubble in the market burst, causing many firms to go bankrupt. Which of the following statements best describes the situation in Ludditia?
1) The tech bubble in the market burst due to the rapid upgrading of technology by firms in Ludditia.
2) The Coronavirus had a negative impact on the technology sector in Ludditia.
3) The tech bubble in the market burst because firms in Ludditia were not prepared for the impact of the Coronavirus.
4) The rapid upgrading of technology by firms in Ludditia protected them from the negative effects of the Coronavirus.
