An Idea Which Has Saved Money or Time,or a Process

question 87

Short Answer

An idea which has saved money or time,or a process that is more efficient that existing ones is called ________.

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Definitions:

Oligopoly

A market structure characterized by a small number of firms controlling a large portion of the market share, often leading to limited competition.

Monopolistic Competition

A market structure characterized by many firms offering products that are similar but not identical, leading to competition based on quality, price, and marketing.

Long-Run Cost Curve

A graph showing the lowest cost at which a firm can produce any given level of output in the long run, when all factors of production are variable.