The S-Curve in Technological Improvement Is a Plot of Performance

question 3

True/False

The S-curve in technological improvement is a plot of performance against effort and money invested in that technology.

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Definitions:

Derived Demand

The need for a product or service resulting from the need for another product or service, like how the demand for cars drives the need for steel.

Final Demand

The demand for finished goods and services by consumers, businesses, and the government, excluding intermediate goods used in production.

MRP Curve

Marginal Revenue Product Curve, representing the extra revenue produced from hiring an additional unit of a resource.

MRP

Marginal Revenue Product - the additional revenue generated from employing one more unit of a resource, such as labor or capital.