When New Engineering Knowledge Improves Production Techniques for Existing Products

question 43

Multiple Choice

When new engineering knowledge improves production techniques for existing products:

• A)Process innovation.
• B)Product innovation.
• C)Production improvement
• D)Labor innovations.
• E)none of the above.

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Definitions:

Sherman Antitrust Act

An 1890 U.S. legislation aimed at prohibiting monopolistic business practices, thereby promoting competition in the marketplace.

Legal Cartel Theory

The concept that certain regulatory frameworks or practices can create conditions similar to a cartel, affecting competition and prices.

Government Regulation

The laws and rules established by government bodies to control and guide the activities of businesses and individuals.

Herfindahl Index

A measure of the concentration and competitiveness of an industry; calculated as the sum of the squared percentage market shares of the individual firms in the industry.