In Economics,"technology" Is Defined as

question 49

Multiple Choice

In economics,"technology" is defined as

• A) the knowledge available for use in production.
• B) things like computers and wireless networks.
• C) advanced equipment and machinery.
• D) equally available for all firms.
• E) being constant and unchanging.

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Definitions:

Excise Tax

A tax imposed on specific goods, services, or transactions, often aimed at discouraging their use or raising government revenue.

Consumers

Individuals or entities that purchase goods or services for personal use and not for manufacture or resale.

Producers

Entities or individuals involved in the creation of goods or services for the market.

Deadweight Loss

The loss of economic efficiency when the equilibrium outcome is not achievable or not achieved.