If firms in the economy utilize more efficient ways of organizing economic affairs that allow the economy to increase output without increasing inputs, then we say that the economy is experiencing:

Question

Quizplus · Accepted Answer

Technological progress refers to advances in technology that increase efficiency and output without increasing inputs. Therefore, if firms in the economy utilize more efficient ways of organizing economic affairs that increase output without increasing inputs, then the economy is experiencing technological progress.

If Firms in the Economy Utilize More Efficient Ways of Organizing