Explain the Concept of Technology Spillovers

question 33

Essay

Explain the concept of technology spillovers.

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Definitions:

More Elastic

Describes a greater sensitivity of demand or supply to changes in price or other economic factors.

Perfectly Inelastic

A market situation where the quantity demanded does not change as the price changes.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity of that good or service that consumers are willing to buy at each price point.

Perfectly Elastic

Describes a situation in economics where a small change in price leads to an infinite change in quantity demanded or supplied.