Critical Forces Converge to Create New Technologies, Including

question 46

Multiple Choice

Critical forces converge to create new technologies, including

• A) Resource availability and passionate leadership.
• B) Entrepreneurial initiative and the capability to convert practice into new knowledge.
• C) A need or demand and passionate leadership.
• D) Resource availability and a need or demand.
• E) The capability to convert practice into new knowledge and economic practicality.

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Definitions:

Minimum Imposed Price

A price floor set by the government, preventing prices from falling below a certain level.

Deadweight Loss

An economic inefficiency that occurs when market equilibrium is not achieved or is distorted, typically due to a price floor, ceiling, or tax.

Price Control

A government-imposed limit on the price charged for a product.

Price Ceiling

A legal maximum price that can be charged for a good or service.