Explain how competition in markets can often provide, Business Economics

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Explain how competition in markets can often provide

1. Explain how competition in markets can often provide incentives for the invention of new technology.

2. Using the ideas of social benefit and privaate benefit, explain the concept of a positive externality.

3. Why does new technology have positive externalities?

4. Why might a competitive market tend to provide too few incentives for the development of new technology?

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Business Economics: Explain how competition in markets can often provide

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