How market system promotes technological improvements
How market system promotes technological improvements?
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a. An entrepreneur or firm that introduces a popular new product will be rewarded with increased revenue and profits.
b. New technologies that reduce production costs and therefore product price will spread throughout the industry as a result of competition.
c. Creative destruction occurs when new products and production methods destroy the market positions of firms that are not able or willing to adjust.
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Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Discover Q & A Leading Solution Library Avail More Than 1454805 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1926909 Asked 3,689 Active Tutors 1454805 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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