The process of commercializing a new technology is called
a. invention
b. adaptation
c. research and development
d. innovation
e. all of the above
D
You might also like to view...
Marginal cost is the opportunity cost
A) that your activity imposes on someone else. B) that arises from producing one more unit of a good or service. C) of a good or service that exceeds its benefit. D) of a good or service divided by the number of units produced.
The net change in quantity demanded of a good following a price change
a. is equivalent to the substitution effect b. is equivalent to the income effect c. must decrease as marginal utility rises d. is negative only when the income effect is negative e. reflects both the substitution and income effects
If the entire output of a market is produced by a single seller, the firm
A. Is a monopoly. B. Is producing a new product. C. Faces perfectly inelastic demand. D. Can charge any price it wants and not lose customers.
A fiduciary monetary system means
A. that money is legal tender. B. that the currency is backed by implicit faith in government. C. that the value of each currency is determined by the amount of gold held by each nation. D. that money has commodity value.