Which of the following would be classified as an innovation?

a. Edwin H. Land perfects the single-step photographic process in 1947.
b. Polaroid markets the single-step film in 1948.
c. Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879.
d. In 1803, Robert Fulton constructs his first small steamboat in Paris.

Economics

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What is meant by the term "optimization"? What do economists usually believe about how individuals optimize?

What will be an ideal response?

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Which of the following is part of an economic model?

A) assumptions B) norms C) preferences of economic agents D) opinions

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Economics