The Allocative Function of Price Works Well Under Conditions Of

question 13

Multiple Choice

The allocative function of price works well under conditions of:

• A)free entry and difficult exit.
• B)free entry and free exit.
• C)free entry only.
• D)free exit only.

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Definitions:

Invention

The creation of a new product, process, or idea that did not exist before.

Technological Advance

The introduction of new technologies or the improvement of existing ones, leading to more efficient production processes or better products.

Invention

An invention is the creation of a new product, process, or idea that has not been made before, offering novel solutions to problems.

Innovation

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.