In Addition to Making Old Products Obsolete,technological Advances

question 8

Multiple Choice

In addition to making old products obsolete,technological advances:

• A)actually destroy existing products.
• B)weaken the ability of companies to make competitive products.
• C)create gaps in product development.
• D)make new products possible.

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Definitions:

Long-run Equilibrium

A state in which all the factors of production and market forces are balanced, allowing for consistent economic conditions over time.

Perfectly Competitive Market

A theoretical market structure characterized by an infinite number of small firms, identical products, and no barriers to entry or exit.

Vendors Sell

The act of offering goods or services to buyers in exchange for money or other forms of payment.

Long-run Equilibrium

A state in which all factors of production can vary, and economic agents have fully adjusted to any changes, leaving no incentive for further adjustments.