Technological advance consists of short-run adjustments to the production process that reduce costs.

Name: Technological advance consists of short-run adjustments to the production process that reduce costs.
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Technological advances can include long-term innovations and improvements in the production process, products, or services that go beyond short-run cost reductions, often leading to significant shifts in industries and economies.

Technological Advance Consists of Short-Run Adjustments to the Production Process