Technological Change Has Played a Major Role in Increasing Competition

question 41

True/False

Technological change has played a major role in increasing competition in recent years.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at different prices.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices.

Market Wage Rate

The prevailing wage rate for a specific job in the labor market, determined by supply and demand for that type of work.

Marginal Product

The additional output that is produced as a result of adding one more unit of a specific input, while keeping other inputs constant.