Innovations That Lower Production Costs or Create New Products

question 171

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.

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Definitions:

IoT Communications

The exchange of data and information between Internet of Things (IoT) devices and systems over various communication protocols.

Bluetooth

A wireless technology standard for exchanging data over short distances between fixed and mobile devices, creating personal area networks.

NFC

Near Field Communication, a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within 4 cm of each other.

RFID

Radio-frequency identification, a technology using electromagnetic fields to automatically identify and track tags attached to objects.