Innovations That Lower Production Costs or Create New Products

question 62

Multiple Choice

Innovations that lower production costs or create new products

• A) are rare in competitive industries.
• B) discourage new firms from entering the industry.
• C) often generate short-run economic profits that do not last into the long run.
• D) usually generate long-run economic profits for the innovator.

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Definitions:

Variations

Differences or deviations in condition, form, or type from a norm or standard.

Define

To clearly explain the meaning, nature, or scope of something using precise terms.

Improve Search Results

Strategies or techniques employed to enhance the relevance, quality, or visibility of information retrieved from search engines.

Trade Journals

Publications focused on specific industries or professions, often containing news, product information, and other resources valuable to individuals within those fields.