Directions: Choose the Best Answer Based on the Information You

question 19

True/False

Directions: Choose the best answer based on the information you read in Chapter 25. ​
​ Question marks always go inside the quotation marks.

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Definitions:

Technology Change

The innovation or improvement in technology, leading to new methods of production, new products, or enhancements in organizational processes.

Long Run

A period of time in which all factors of production and costs can be fully adjusted, and there are no fixed factors of production.

Short Run

A period in which at least one factor of production is fixed, and only the variable factors can be adjusted by firms to influence output.

Innovation

The process of developing new ideas, products, or methods that improve upon existing standards or create novel solutions.