 | Learning Objectives
(See related pages)
In this chapter you will learn:
- The differences between an invention, an innovation, and technological diffusion.
- How entrepreneurs and other innovators further technological advance.
- How a firm determines its optimal amount of research and development (R&D).
- Why firms can benefit from their innovation even though rivals have an incentive to imitate it.
- About the role of market structure in promoting technological advance.
- How technological advance enhances productive and allocative efficiency.
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