A Change in the Technique for Producing an Existing Product

question 122

Multiple Choice

A change in the technique for producing an existing product is known as

• A)product innovation.
• B)investment.
• C)invention.
• D)an increase in productivity.
• E)process innovation.

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Definitions:

Endowed

Provided or supplied with a particular talent, quality, or asset.

Budget Line

A graphical depiction of all possible combinations of goods that can be purchased with a given budget at specific prices.

Nonlabor Income

Income received that does not come from employment or work, such as dividends, interest on savings, or benefits.

Labor Supply

The total hours that workers are willing and able to work at a given wage rate.