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Watch video Technological Change - Invention, Innovation, Efficiency and Barriers to Entry https://www.youtube.com/watch?v=InLrm4sHFtQ In your response, answer the following questions: 1.What is technological change? 2.When

Watch video "Technological Change - Invention, Innovation, Efficiency and Barriers to Entry" https://www.youtube.com/watch?v=InLrm4sHFtQ

In your response, answer the following questions:

1.What is technological change?

2.When does innovation leads to creative destruction?

3.Discuss why firms in a market economy have incentives to engage in technological change.Explain.

Please provide good and completesupport to your statements and include a short list of references if you use them in addition to the Text and Video included.

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