_____ Is the Process by Which Innovation Spreads

question 16

Multiple Choice

_____ is the process by which innovation spreads.

• A) Diffusion
• B) Filtering
• C) Dissolution
• D) Flighting
• E) Liquidation

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Definitions:

Producer Surplus

The difference between the amount a producer is paid for a good compared to the minimum amount they would be willing to accept for it, a measure of producer welfare.

Price

The sum of money needed to buy a product, service, or commodity.

Quantity

The amount or number of a material or immaterial good considered as a unit or in discrete amounts.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive in the market.