What Term Is Used for a Situation Where One Firm's

question 20

Multiple Choice

What term is used for a situation where one firm's research yields knowledge that is used by society as a whole

• A)social cost
• B)opportunity cost of technology
• C)internalization of an externality
• D)technology spillover

---

Definitions:

Maslow's Hierarchy

A psychological theory proposed by Abraham Maslow that categorizes human needs into a five-tier model, from basic (physiological) needs to higher-level (self-actualization) needs.

Needs

Fundamental requirements that individuals or groups must have met in order to function or survive.

Hierarchical

A structure or organization in which entities are ranked one above the other according to status or authority.

Family Life Cycle

A series of stages through which a family progresses over time, including events like marriage, parenthood, retirement, and the death of family members.