Mitch Has Been Asked to Develop a New Product to Serve

question 12

Multiple Choice

Mitch has been asked to develop a new product to serve an unmet need in American culture.He has several ideas,but none of them are quite right.Mitch's friend finally suggests that Mitch "sleep on it." Mitch agrees,and spends the remainder of the weekend thinking about other things.On Monday morning,Mitch looks over his notes and realizes the solution to his problem.The period of time in which Mitch let his subconscious work on the problem is referred to as

• A) incubation.
• B) generativity.
• C) representativeness.
• D) functional fixedness.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing to purchase at various prices.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity supplied at those prices in a market.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.

Substitute

Replacement items or alternatives that consumers may choose, which impacts market demand and competition among sellers.