Innovations That Lower Production Costs or Create New Products

question 77

Multiple Choice

Innovations that lower production costs or create new products

• A)are rare in competitive industries.
• B)discourage new firms from entering the industry.
• C)often generate short-run economic profits that do not last into the long run.
• D)usually generate long-run economic profits for the innovator.

Comprehend the concept of deindustrialization and its impact on poverty in specific regions like Canada.

Compare and contrast the responses of functionalism and conflict theory to social stratification.

Identify factors influencing social inequality in Canada and globally.

Explain the usage of the Kuznets curve in measuring global inequality and the trends associated with societal development.

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Definitions:

Intercostal Group

Muscles located between the ribs that assist with the breathing process by aiding in the expansion and contraction of the chest cavity.

Spinotrapezius

A back muscle that assists in moving the scapula for the lifting of the arm.

Masseter

A facial muscle that plays a major role in the chewing of food by raising the lower jaw towards the upper jaw.

Elevate Mandible

Elevating the mandible refers to the action of lifting or closing the lower jaw, a movement primarily facilitated by the masseter and temporalis muscles.