Final answer:
Technology Change is true in the context of an organization's production process, encompassing invention and innovation to improve output quality and efficiency.
Step-by-step explanation:
Technological change refers to the improvement of the already existing technologies and inventing new ones to improve the existing products in the market while also creating new ones. Technological change has three important stages; Invention, innovation, and diffusion. The assertion that Technology Change pertains to an organization's production process is indeed true. Technology change involves a combination of invention—advances in knowledge—and innovation, which can lead to existing inputs producing more or higher quality outputs, as well as different and altogether new products.
In the context of production technology, it refers to all alternative methods of combining inputs to produce outputs. Firms aim to find production technology that enables them to produce the desired level of output at the lowest cost, which may require substitutions between physical capital and labor. Examples include replacing file clerks with a computerized recordkeeping system or manual labor with automated machinery. These changes can increase efficiency and reduce costs, possibly resulting in higher profits and competitive advantages.