Technology Can Help an Organization Produce New Products and Streamline

question 3

True/False

Technology can help an organization produce new products and streamline its processes, but because it is easily copied, technology is of little use in providing a competitive advantage.

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Definitions:

Average Total Cost

The sum of all production costs divided by the quantity of output produced, synonymous with the cost per unit including all variable and fixed costs.

Long-run Equilibrium

A state in which all factors of production and costs are variable, and firms in the industry make just enough profit to stay in business.

Short-run Profits

Short-run profits occur when a company's revenue exceeds its operating costs within a particular, relatively brief period.

Long Run

A period in economics where all inputs, including capital and labor, can be adjusted.