In economists' models, technological advance occurs in
A) the very long run.
B) either the short run, long run, or very long run.
C) manufacturing industries but not in service industries.
D) pure competition but not in monopolistic competition, oligopoly, and pure monopoly.

Question

Quizplus · Accepted Answer

Technological advance is typically considered a factor that affects the very long run in economic models, as it involves changes that can significantly alter production processes and economic growth over an extended period.

In Economists' Models, Technological Advance Occurs in