Technological Change

What does invention refer to?

• The process of improving a product

• The creation of a new product, process, or idea

• The commercialization of a product

• The distribution of goods

What is the primary focus of innovation?

• Ignoring existing technologies

• Implementing and improving inventions

• Reducing the number of products in the market

• Creating new ideas from scratch

Which of the following is a result of technological change?

• Decreased productivity

• Increased use of outdated technologies

• Lower quality of products

• Enhanced methods of production

What can technological change lead to in terms of markets?

• Decrease in market competition

• Stabilization of existing markets

• Development of new products

• None of the above

Which industries have faced decline due to technological innovations?

• Smartphone industry

• Digital marketing firms

• Film photography and typewriters

• Renewable energy sector

What role does technological change play in market structure?

• It has no significant impact

• It reduces consumer choices

• It reshapes market dynamics

• It promotes traditional business models

Which technology is known for its disruptive potential?

• Typewriter technology

• Artificial intelligence

• Mechanical printing presses

• Analog telecommunication

What can exacerbate market concentration according to the text?

• Reduced consumer interest

• Increased regulatory frameworks

• Decreased technological advancements

• Dominant firms leveraging technology

What is a consequence of technological change in production?

• Increased costs of production

• Lowered firms' costs of production

• Reduced output of firms

• Higher resource wastage

Which example illustrates the impact of technological change on new products?

• Manual typewriters

• Traditional retail stores

• Coal energy

• Electric vehicles