What are the impacts of innovation and technology on the cost of production?
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What are the impacts of innovation and technology on the cost of production? How does technology affect market structure and real-world competition? Which market structure is best suited for technological innovation? Explain your answer. How has technological innovations affected your organization?
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This solution discusses the impact of innovation and technology on the cost of production on different market structures in 247 words.
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Innovation and technology work to lower costs of production and shift the supply curve outward. A new technology may allow more goods to be generated from the same materials, or from the same amount of labor.
Technology can have dramatic effects on market structures. It affects the industry characteristics and the pattern of firm growth. For example, technology can enable firms to personalize products at a ...
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