In Most Situations, the Simplest, Easiest, and Most Cost-Effective Way

question 120

Multiple Choice

In most situations, the simplest, easiest, and most cost-effective way to acquire new technology is to

• A) Buy it.
• B) Develop it internally.
• C) License it from others.
• D) Develop a joint venture.
• E) Purchase the owner of the technology.

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Definitions:

Marginal Utilities

The gain in utility or enjoyment a consumer realizes from the consumption of one extra unit of a good or service.

Extra Total Utility

The additional satisfaction or benefit that a consumer derives from consuming one more unit of a good or service.

Current Consumption

The amount of goods, services, energy, or natural resources being used by consumers or industries at the present time.

Marginal Utility

The additional satisfaction or benefit obtained from consuming one more unit of a good or service.