A Change in the Technique for Producing an Existing Product

question 73

Multiple Choice

A change in the technique for producing an existing product is known as

• A) process innovation.
• B) an increase in productivity.
• C) invention.
• D) investment.
• E) product innovation.

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Definitions:

Public Interest Theory

The theory that regulation seeks to protect the public at large from inefficiencies and inequities that occur because of certain market practices.

Industrial Regulation

Laws and rules that govern how businesses can operate within certain industries, often to protect consumer interests and promote fair competition.

Social Regulation

Rules imposed by government aimed at improving health, safety, welfare, and well-being of citizens, often relating to environmental and consumer protection.

Federal Communications Commission

A U.S. government agency responsible for regulating interstate and international communications by radio, television, wire, satellite, and cable.