chapter 15

Suppose a firm that a r and d expenditure of 100 million will result in a new production process that will reduce cost and thus create a one time added profit of 212 million a year later

12 percent

The first working prototype of microcomputer chip would be an example of

invention

Which term would be most closely associated with the new and better goods and services and new better ways of producing and distributing them

tech advance

which of the following ideas most directly relates to r and d expenditures

Invented u theory

The wide imitation and spread of an innovation is called

diffusion

Entrepreneurs and innovative firms with past success ind developing products

have more access to resources for further innovation

The very long run would be a period in which

tech changes and the firms can introduce new products

Suppose that marlin fisher has legal protection against anyone producing and selling a fishing lure

trademark

Tech advance improves alllocatvie efficiency by

giving society a more preferred mix of goods and services

US firms collectively devote the largest portion of their total r and d spending to

innovation and diffusion