How market system promotes technological improvements
How market system promotes technological improvements?
Expert
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.
Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies
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