Which of the Following Statements Correctly Describes the Distinction Between

question 195

Multiple Choice

Which of the following statements correctly describes the distinction between technology and technological change?

• A)Technology refers to the processes used by a firm to transform inputs into output of goods and services while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
• B)Technology refers to the ability of a firm to increase its maximum output from a given quantity of inputs and technological change is the process by which the firm achieves this productivity gain.
• C)Technology is product-centered; its refers to developing new products with limited resources while technological change is process-centered in that it focuses on developing new production techniques.
• D)Technology involves research and development while technological change involves the use of more efficient machinery.