Technological Progress Is Often Speeded Up by Organized Pressure Groups

question 36

True/False

Technological progress is often speeded up by organized pressure groups that have an interest in a particular technology.

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Definitions:

Single-Firm

Refers to a market situation dominated by a single producer or service provider.

Network Externalities

Effects on a user of a product or service that depend on the number of other users of the same or compatible products or services.

Smartphone Market

The sector of the economy that deals with the production, sale, and distribution of smartphones and related services.

Societal Loss

The total loss in welfare or efficiency that a society faces, often due to inefficiencies or externalities in markets.