Answer:
The answer is option (A) The transformation of an idea into a new product or process.
Explanation:
An invention can be described as the procedure which an idea is transformed into a process or new product. An invention can also be the recombination and modification of an existing product or process
The first step in inventing a product is to have an idea of what the product is and the problems that it would solve. Subsequent steps include patenting the Invention and making the invention a reality.
Answer:
You should increase production.
Explanation:
According to microeconomic theory, the equilibrium point for production is where the value of marginal cost equals the price. While the marginal cost be less than price, is accurate to say that cost productions are not being minimized. This minimization of cost is reach exactly when the marginal cost equals the price.
When some one or something solves the problem
Answer:
move along upwards
shift out
shift in
Explanation:
A change in price of a good leads to a movement along the supply curve and not a shift of the supply curve.
Other factors other than a change in the price of the good would lead to a shift of the supply curve. Such factors include :
- A change in the price of input
- A change in the number of suppliers
- Government regulations
When the price of corn increases, the quantity supplied of corn increases. this is in line with the law of supply.
according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
This would lead to a movement up along the supply curve
If the price of seed which is an input to corn decreases, it becomes cheaper to produce corn. As a result, the supply of corn would increase. this would lead to an outward shift of the supply curve.
If the number of grocery stores decreases, there would be a reduction in supply. As a result, the supply curve would shift inwards
