In a Perfectly Competitive Market,a Technological Advance Allows All Firms

question 3

True/False

In a perfectly competitive market,a technological advance allows all firms to earn higher economic profits in the long run.

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Definitions:

Standard of Living

A level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Structural Mobility

The movement of individuals or groups within or between social strata in a society, typically driven by changes in the economy or societal structures rather than individual efforts.

Information Technology

The use of computers and telecommunications equipment to store, retrieve, transmit, and manipulate data.

Digital Divide

The gap between those who have ready access to computers and the internet, and those who do not, affecting opportunities for economic, educational, and social advancement.