A Quick Strategy Used by Developing Countries to Acquire New

question 52

Multiple Choice

A quick strategy used by developing countries to acquire new technology is through

• A)imitation.
• B)innovation.
• C)tariffs.
• D)acquisition.

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Definitions:

Long-Run Average Total Cost Curve

A graphical representation that shows the lowest average total cost at which a firm can produce any given level of output in the long run, where all inputs are variable.

Downward-Sloping

A term often used in economics to describe a curve or line that represents a decrease in one variable as another increases, typical in demand curves.

Long Run

A period in which all factors of production and costs are variable, allowing for adjustment to changes.

Fixed

In economics, pertains to costs that do not change with the level of output or production, such as rent, salaries, and insurance.