The modern view of technological advance is that it
A) is rooted in the independent advance of science, an element largely external to the market system.
B) is rarely carried out by oligopolists or pure monopolists.
C) is an internal element of capitalism, occurring in response to profit incentives.
D) necessarily destroys existing monopoly power.

Question

Quizplus · Accepted Answer

The modern view of technological advance is that it is an internal element of capitalism, occurring in response to profit incentives. In other words, companies invest in research and development to create new technologies in order to increase their profits and gain a competitive advantage in the market. This is in line with the principles of free-market capitalism.

The Modern View of Technological Advance Is That It