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 economy in the very long run, as it involves significant changes and developments that take time to implement and diffuse throughout the economy.

In Economists' Models, Technological Advance Occurs in