What best describes Moore's Law in relation to computing technology?

Moore's Law is best described by the notion that the number of transistors on a microchip doubles approximately every 18 months, which translates into a doubling of computing power over that same time period. This principle, derived from observations made by Gordon Moore in the 1960s, reflects the exponential growth in the capability of integrated circuits, leading to improvements in performance and reductions in relative cost.

As transistors become smaller and more densely packed on chips, it allows for more complex and capable processing functions. This observation has driven the technology industry to innovate and improve computing capabilities at an astonishing rate, making advanced technology increasingly accessible.

The other options do not accurately reflect Moore's Law: computing power does not remain constant over time or get halved yearly, and while some might approximate a doubling every two years, the more accurate prediction is the 18-month timeline which has historically held true in the tech industry.