Hakimo Corp

question 56

Multiple Choice

Hakimo Corp.,a manufacturer of audio equipment,has developed a unique wireless speaker system that runs on solar power.The speakers can operate for 16 hours after being exposed to the sun for 2 hours.This product,which is radically different from anything available in the market,falls into which category of new products?

• A) Repositioned products
• B) Revised products
• C) Discontinuous innovations
• D) New and improved products

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Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, and freedom of entry and exit, leading to price taking behavior.

Price Makers

Firms or entities that have the power to influence the price of a good or service in the market, typically due to a lack of competition.

Differentiated Products

Products that are similar but distinguished from each other by variations in quality, features, branding, or some other aspect valued by consumers.

Short Run

A period in which at least one input (e.g., capital) is fixed and cannot be changed.