"Missing" Transitional Forms May Not Be Present in the Fossil

question 17

True/False

"Missing" transitional forms may not be present in the fossil record because of poor preservation of biological material and simply because scientists have not discovered all there is to discover.

Understand the distinction between invention, innovation, and diffusion.

Recognize examples of product and process innovation.

Identify the role of research and development in the innovation process.

Understand the significance of R&D spending as a percentage of GDP in the US and its comparison to other countries.

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Definitions:

Elastic Demand

A market situation where the quantity demanded of a good or service changes significantly as its price changes.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.

Price Paid

The actual amount of money exchanged for acquiring a good or service.