Saved creativ a. Technological advance is broadly defined as O new and better goods and services and new and better ways of consuming or purchasing them. new and better goods and services and new and better ways of producing or distributing them. O electronic equipment that replaces human labor. O any electronic device or process that improves efficiency. b. In the long run, O firms can enter and exit an industry, thus changing the amount of investment and technology. technology changes, but in the very long run it is constant. O technology is constant, but it can change in the very long run. O new products are introduced, but in the very long run technology changes. c. Which of the following is an example of technological advance? O Entry of a firm into a profitable purely competitive industry. An improved production process. O An increase in a firm's advertising expenditures. A patent-infringement lawsuit by one firm against another firm