Chapter
13W
Technology,
R&D,
and
Efficiency
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Invention,
Innovation,
and
Diffusion
New
and
better
products
Better
ways
of
producing
and
distributing
those
products
Occurs
over
the
very
long
run
Profit
is
the
incentive
LO1
13W-2
Invention,
Innovation,
and
Diffusion
Short
run
No
change
in
technology,
plant,
or
equipment
Long
run
No
change
in
technology
Very
long
run
Technology
changes
with
R&D
LO1
13W-3