Technical advance involves ?
Correct answer: A. the development of pure science, invention innovation financing the innovation and the innovation's acceptance
- A. the development of pure science, invention innovation financing the innovation and the innovation's acceptance
- B. introducing new products modifying production functions creating credit and making profits
- C. innovation investment credit creation and economies growth
- D. patent management resource gains mature innovation and speculative gains
Explanation
Technical advance is a process running from scientific knowledge and invention to innovation, its financing and eventual acceptance or diffusion. Option a captures these linked stages, whereas the other sequences omit or replace important stages.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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