Economics (McConnell) AP Edition, 19th EditionWeb Chapter 11:
Technology, R&D, and EfficiencyThe content of this chapter may be included on the AP* Microeconomics exam. After reading this chapter, you should be able to: - Differentiate between invention, innovation, and technological diffusion.
- Explain how entrepreneurs and other innovators further technological advance.
- Summarize how a firm determines its optimal amount of research and development (R&D).
- Relate why firms can benefit from their innovation even though rivals have an incentive to imitate it.
- Discuss the role of market structure in promoting technological advance.
- Show technological advance enhances productive efficiency and allocative efficiency.
AP Chapter 11W Introduction
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