Which of the Following Is an Example of a Primary

question 141

Multiple Choice

Which of the following is an example of a primary innovation?

• A) the discovery that clay heated to a certain temperature becomes permanently hard
• B) the discovery that meat cooked over an open flame may cause some cancers
• C) the realization that meat,when exposed to heat,becomes softer and easier to chew
• D) the discovery of the principle of the wheel

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Definitions:

Marginal Revenue Product Curve

A curve showing the additional revenue a firm earns by employing one additional unit of input, holding other factors constant.

Competitive Seller

A seller in a competitive market who takes the market price as given and whose output decision does not affect the market price.

Monopolist

An individual or entity that is the sole provider of a particular product or service in the market, giving them the power to influence price and market conditions.

Profit Maximization

The process a firm uses to determine the price and output level that returns the highest profit.