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What is the effect of new technology on firms in the industry in the short run?
What is the effect of new technology on firms in the industry in the long run?What is the effect of the new technology on consumers? Does that change from the short run to the long run?What is the effect of the new technology on the greater society in the short run and the long run?
the effect of new technology on consumers is that it makes life easier for society. Cell phones have become miniature computers that can do just about anything we want now. Our cell phone for the past few years have a lot more processing power than there was on the Apollo 13 that went to the moon. People will always want the best in technology, all might not get when they want, but they will always want to be in communication with friends and family and do what ever they do on the internet with their phones. So for the majority of consumers i don't think it changes, they want the new technology as soon as they can get it, while a lot of people will wait to make sure the bugs are out of the phones.
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