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 responses to profit incentives.
D) necessarily destroys existing monopoly power.

Question

Quizplus · Accepted Answer

The modern view of technological advance sees it as an internal element of capitalism and occurring in response to profit incentives. This is known as the profit-incentive theory of innovation. It suggests that firms undertake research and development to gain a competitive advantage and increase profitability. Therefore, option C is the best choice. Options A, B, and D are incorrect as they do not accurately reflect the modern view of technological advance.

The Modern View of Technological Advance Is That It