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Chapter 13: Q.18 (page 316)

Is it inevitable that government must become involved in supporting investments in new technology?

Short Answer

Expert verified

No, it is not inevitable for government to involve in supporting investments in new technology.

Step by step solution

01

Step 1. Introduction:

Since a company can gain better profits by developing a means to produce things more economically or with qualities that people desire, market rivalry could provide an inducement for creating modern technology.

02

Step 2. Explanation:

No, it is not inevitable for government to involve in supporting investments in new technology but only if individual businesses are motivated to continue innovating, decreasing prices, and enhancing quality. When the market is competitive, this inducement exists because buyers have a significant number of companies to select from, keeping each manufacturer highly productive.

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