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
