_____ Is the Discovery and Practical Application or Commercialization of a Device

question 10

Multiple Choice

_____ is the discovery and practical application or commercialization of a device, method, or idea that differs from existing norms.

• A) Measurement
• B) Learning
• C) Innovation
• D) Diversity

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Definitions:

Price Searcher

A seller that determines the selling price of its product or service based on market conditions, demand, and competition, instead of adhering to a market dictated price.

Marginal Revenue

The additional revenue that a company receives from selling one more unit of a good or service.

Marginal Cost

The extra expense involved in making one more unit of a product or service.

Expand Output

The process of increasing the quantity of goods or services produced by a business or economy.