A ________ Is a Modification to an Existing Product

question 3

Multiple Choice

A ________ is a modification to an existing product.

• A) technical innovation
• B) continuous innovation
• C) discontinuous innovation
• D) commercial innovation
• E) dynamically discontinuous innovation

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Definitions:

VMPL

The Value of Marginal Product of Labor, which is the additional value created by employing one more unit of labor.

Profit-maximizing

The process by which a firm determines the price and output level that generates the most profit.

MR

Marginal Revenue, which is the extra revenue that an organization receives from selling one more unit of a product.

Nominal Wage Rate

The amount of money paid per hour, day, or other unit of work, without adjusting for inflation.