Advances in technology create new products and lower the cost of producing existing products.

Which development would most likely cause the supply of a product to increase?A.New technology allows the product to be made more quickly.B.Fewer workers receive the education needed to create the product.C.Government regulations increase the cost of making the product.D.Companies expect the price of the product to fall significantly.

A broad concept that holds all the activities that contribute to the efficient introduction and exploitation of new improved processes and products.Group of answer choicesInnovationInventionResearch and DevelopmentProduction

Innovation involves only the creation of new products, not the improvement of existing ones.Group of answer choicesTrueFalse

If a low-cost provider has invested heavily in its current means of operating,Multiple choice question.the company can quickly and smoothly adapt to new technologies and means of operation.it will be expensive for the provider to shift to a new technology.the company will not alter its technology, no matter how innovative a new system might be.the company will sustain a competitive advantage even if rivals adopt new cost-saving technological breakthroughs.

An increase in technology increases supply.Group of answer choicesTrueFalse