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How does technology affect market structure and real-world competition?
Technological development is the discovery of new or improved products or methods of production • Because the global market is significantly larger than a domestic one, [ globalization provides an incentive to develop new technology • Market structures that best promote technological change are dynamically efficient • Dynamic efficiency refers to a market’s ability to promote cost-reducing or product-enhancing technological change Real-World Competition and Technology Market Structure and Technology Perfect competition • There is no incentive to develop new technologies because they
earn no profits to fund research • Even if they did innovate, competitors would gain from the new technology without having to pay for it Monopolistic competition • Because of market power, monopolistic competition is more conducive to technological change • Due to ease of entry, they lack long-run profits, so their ability to recoup their investment is limited ]
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