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If all firms only earn a normal profit in the long run firms will develop new products or lower-cost production methods because they can?
Wiki User
∙ 8y ago
Innovate and possibly earn an economic profit in the short run.
Wiki User
∙ 8y ago
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Patents are a form of monopoly that society allows because they are?
Encourage frims to research and develop new products that benefit society as a whole.
What types of economy's is most likely to develop new and better products?
A Market economy is most likely to develop new and better products.
Did Adam smith helped develop the assembly line and mass production?
Adam Smith's theory on the division of labour helped develop assembly lines. He said that specialization would lead to higher efficiency because a worker can become an expert at the one small job.
This image illustrates a form of production that began to develop in Europe around the 16th century. How was this form of production a consequence of European economic practices in the Americas?
Europeans used colonies in the Americas to provide them with raw materials to be made into finished goods.
What are possible disadvantages of a perfectly competitive industry or firm?
No scope for economies of Scale, this is because there are many small firms producing relatively small amounts. Industries with high fixed costs would be particularly unsuitable to perfect competition. This is one reason why Perfect Competition is unlikely in the real worldUndifferentiated products is boring giving little choice to consumers. Differentiated products are very important in industries such as clothing and cars.Lack of super-normal profit may make investment in Research & Development unlikely this would be important in an industry such as pharmaceuticals which require significant investmentWith perfect knowledge there is no incentive to develop new technology because it would be shared with other companies.If there are externalities in production or consumption there is likely to be market failure without govt intervention.
In a market economic what encourages firm to develop new products and production processes?
patents
What did the Industrial Revolution develop that allowed mass production?
factories with production lines
Why designers develop new products with a limited lifespan?
I guess they do so because most products can be 'outdated' due to ever changing social and cultural influences.
Are a form of monopoly that society allows because they?
Encourage frims to research and develop new products that benefit society as a whole.
How can electrical and electronics engineers help develop a nation?
These people design and develop products when the product is sold the nation will gain taxes from those products
Patents are a form of monopoly that society allows because they are?
Encourage frims to research and develop new products that benefit society as a whole.
Define bio technology?
Biotechnology is the use of living systems and organisms to develop or make useful products, and it is usually seen in agriculture, food production and medicine production. Modern use of similar terms includes genetic engineering as well as cell and tissue culture technologies.
Is product development a cross functional activity within an organization?
Absolutely. I work in a paper mill and when we develop new products we involve everybody from sales and marketing to the production guys on the floor and everybody in between.
When did children's apparel production develop?
early in the twentieth century
What types of economy's is most likely to develop new and better products?
A Market economy is most likely to develop new and better products.
What products does Noxzema develop?
Products that Noxzema develop are skin care products. They make skin cleansers, after sun cream, facial cleanser, make up remover, face cream and shaving cream.
Who helped develop the assembly line and mass production?
Henry Ford
