Technological Advances in Automation, Computers, Robotics, and Electronic Communication, Along

question 30

True/False

Technological advances in automation, computers, robotics, and electronic communication, along with changing markets resulting from cultural, demographic, and economic changes, have affected traditional "smokestack" industries.

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Definitions:

Total Cost

The aggregate of expenses related to the creation of goods or services, which includes fixed costs and variable costs.

Long-Run

In economics, a period in which all factors of production and costs are variable, allowing for full adjustment to change.

Maximize Profits

A strategy or objective of firms to achieve the highest possible financial gain by optimizing production and sales, while minimizing costs.

Long-Run Cost Function

Describes the minimum cost at which a firm can produce any given level of output when all inputs, including capital, are variable.