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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In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Discover Q & A Leading Solution Library Avail More Than 1459015 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1926693 Asked 3,689 Active Tutors 1459015 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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