________ Involves Taking a Concept or a Product Created for a Very

question 52

Multiple Choice

________ involves taking a concept or a product created for a very specific use and extending it to a new,often larger,audience.

• A)Inventing
• B)Developing
• C)Reverse innovation
• D)Diffusing
• E)Integrating

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Definitions:

Legal Price

The price set by legal authority or regulation, often differing from market-driven prices.

Price Floor

A government or regulatory imposed minimum price above the equilibrium, typically set to protect producers or sectors from too low of prices.

Price Ceiling

A legal maximum price that can be charged for a good or service, above which it cannot rise.

Price Floors

Minimum price levels set by the government for certain goods and services, below which they cannot be sold.