Technological Change

question 44

Multiple Choice

Technological change

• A)brings only temporary gains to producers.
• B)brings only temporary gains to consumers.
• C)brings permanent gains to producers.
• D)decreases the number of firms in an industry.
• E)decreases the number of consumers in a market.

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Definitions:

Asset

A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.

Liability

Obligations or debts that a company owes to others, which must be settled over time through the transfer of assets, provision of services, or other value.

Collection

The process of pursuing payments of debts owed by customers.

Net Loss

Occurs when total expenses exceed total revenues during a specific period of time, indicating negative profitability.