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LG Electronics Recently Introduced the Fridge-TV with a 15" Television

question 162

Multiple Choice

LG Electronics recently introduced the Fridge-TV with a 15" television screen mounted in the right side refrigerator door.This is an example of which type of innovation?


Definitions:

Supply Curve

The supply curve is a graphical representation of the relationship between the price of a good or service and the quantity supplied by producers, typically sloping upwards indicating a higher quantity supplied at higher prices.

Demand Curve

A graphical representation showing the relationship between the quantity demanded of a good and its price.

Equilibrium Price

The cost at which consumer demand for a product matches the amount producers are willing to supply, resulting in a stable market.

Supply Curve

A graph showing the relationship between the price of a good and the quantity supplied, with price on the vertical axis and quantity on the horizontal axis.

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