Which of the Following Refers to Individual Efforts by Businesses

question 24

Multiple Choice

Which of the following refers to individual efforts by businesses that focus on improvements in production technologies for existing products and on new production technologies for new or improved products?

• A)Balanced growth
• B)Diffusion
• C)Import competition
• D)Research and development

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Definitions:

Computer Monitors

Display devices used by computers to visually output information such as text, images, and videos.

Opportunity Cost

The consequence of forfeiting potential gains in other options by deciding on one.

Professional Team

A group of individuals with specialized skills and expertise working together in a coordinated manner towards common professional goals.

Opportunity Cost

The cost of missing out on potential benefits from other alternatives when making a choice.