The Majority of Innovations and Inventions That Society Benefits from Today

question 6

Multiple Choice

The majority of innovations and inventions that society benefits from today:

• A) were the responsibility of individuals in small businesses.
• B) have been imported form countries with strong research centres.
• C) were developed in large businesses with significant research funding.
• D) were developed in University research labs.

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Definitions:

Equilibrium Wages

The payment rate at which the provision of labor matches the request for labor.

Short-Order Cooks

Cooks who specialize in preparing food quickly and efficiently, often in diners and fast-food establishments, responding rapidly to customer orders.

Market Price

The price at which a good or service is offered in the marketplace, determined by supply and demand.

Demand for Workers

The total amount of labor or workforce that employers are willing and able to hire at a given wage rate and time.