Innovations Vary in How Much Behavioral Change They Require on the Part

question 75

True/False

Innovations vary in how much behavioral change they require on the part of consumers.

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing all inputs to be adjusted.

Marginal Cost

The extra financial outlay needed for manufacturing another unit of a product or service.

Marginal Product

The boost in production one can expect by adding an extra unit of labor or capital, ceteris paribus.

Wage Rate

The amount of compensation workers receive in exchange for their labor, typically expressed per hour or per unit of work.