Final answer:
In the old version, the others go out; normal voltage: 3 V per bulb. In the newer version, the others stay lit; new voltage: 3.08 V per bulb.
Step-by-step explanation:
In the old version of holiday lights wired in series, when one bulb burns out and breaks the electrical connection, the others also go out because the circuit is broken. The normal operating voltage of each bulb in this case would be 120 V / 40, which is 3 V per bulb.
In the newer version with bulbs that short circuit when they burn out, if one bulb burns out, the others stay lit because the circuit remains closed. The operating voltage of each bulb in this case would be 120 V / 39, which is approximately 3.08 V per bulb.