Suppose a New Way of Producing Fireworks Is Developed,using Different

question 35

Multiple Choice

Suppose a new way of producing fireworks is developed,using different chemicals that do not release as many hazardous heavy metals into the environment.Which type of innovation is this?

• A) A quality-of-life innovation.
• B) The creation of a new good or service.
• C) A productivity-enhancing innovation.
• D) Basic research.

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Definitions:

Large Firms

Entities that operate on a grand scale across various sectors, typically characterized by significant market share, extensive operations, and high revenue.

Average Total Cost Curve

A graphical representation in economics showing the average total cost of production at different levels of output.

Demand More Elastic

A situation where the quantity demanded of a good or service is highly responsive to changes in its price.

Advertising

The activity or profession of producing advertisements for commercial products or services.