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Explain why ensuring economic stability is an economics function of government?
Development (Innovation and Imitation)
The process in which economies grow or change over time through the introduction of new technologies (innovation) and the adoption of successful technologies or methods from others (imitation).
Technological Advance
Refers to the development and application of innovative techniques, equipment, and processes that improve productivity, efficiency, and outcomes in various fields.
New Monopolies
Emerging dominant players in a market that manage to obtain exclusive control over a product or service, often through innovation or consolidation.
Existing Monopolies
Firms that have exclusive control over a market or product, allowing them to set prices higher than in competitive markets due to a lack of alternatives.
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Q361: Which of the following statements is correct?<br>A)