Once a Dominant Design Has Been Established in an Industry,new

question 45

True/False

Once a dominant design has been established in an industry,new companies have an advantage over established companies.

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Definitions:

Demand for Gasoline

The consumer's desire and willingness to pay for gasoline, influenced by its price, consumer income, and the prices of substitutes and complements.

Inelastic Demand

A market condition in which the demand for a product does not change significantly when its price increases or decreases.

Necessity

A requirement or an indispensable item essential for survival or the functioning of a system.

Price of the Product

The financial cost of acquiring a good or service.