The difference between technology and technological change is that
A) technology refers to the processes used by a firm to transform inputs into output, while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
B) technology is carried out by firms producing physical goods, but technological change is an intellectual exercise in seeking ways to improve production.
C) technology is product-centered, that is, developing new products with our limited resources, while technological change is process-centered in that it focuses on developing new production techniques.
D) technology involves the use of capital equipment, while technological change requires the use of brain power.
Correct Answer:
Verified
Q1: Is it possible for technological change to
Q3: Which of the following is an example
Q5: If a firm experiences positive technological change,
Q6: The process a firm uses to turn
Q13: A firm increased its production and sales
Q15: When a firm produces more output using
Q16: Which of the following is not a
Q17: When a firm experiences negative technological change
Q20: A firm's cost of production is determined
Q26: Describe the difference between technology and positive
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents