Which of the Following Statements Correctly Describes the Distinction Between

question 255

Multiple Choice

Which of the following statements correctly describes the distinction between technology and technological change?

• A) Technology refers to the processes used by a firm to transform inputs into output of goods and services, while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
• B) Technology refers to the ability of a firm to increase its maximum output from a given quantity of inputs, and technological change is the process by which the firm achieves this productivity gain.
• C) Technology is product-centered in that it refers to developing new products with limited resources, while technological change is process-centered in that it focuses on developing new production techniques.
• D) Technology involves research and development, while technological change involves the use of more efficient machinery.

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Definitions:

Primarily Liable

Being the first or main party responsible for fulfilling a debt or obligation.

Secondarily Liable

Pertains to a party that holds liability not as the primary party responsible but as a backup in case the primarily liable party fails to fulfill their obligations.

Personally Liable

The state of being legally responsible for debts or obligations out of personal assets, not limited to business or corporate assets.

Agent

An individual or entity authorized to act on behalf of another in legal or business matters.