Technology Assessment Is

question 13

Multiple Choice

Technology assessment is

• A)measuring how much technology has been incorporated into an organisation.
• B)trying to foresee the effects of new products and processes on the firm's operation and on society in general.
• C)assessing how much technology one wants to incorporate into a company in the future.
• D)judging how a firm's products affect society.
• E)weighing the cost of new technology to determine whether a firm can afford to use it.

---

Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, where no single entity has the power to influence market prices.

Profit

Profit is the financial benefit realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in maintaining the activity.

Short-Run Equilibrium

A situation in a market where demand equals supply, resulting in a stable price level, but which may not reflect long-term market dynamics.

Competitive Price-Taker

A rephrased scenario where businesses in competitive markets accept the prevailing market price as given because they have no power to influence it.