Detailed Financial Projections and Determination If a New Product Could

question 181

Multiple Choice

Detailed financial projections and determination if a new product could be protected with patents or copyright are a part of which stage of the new-product development process?

• A) idea generation
• B) market testing
• C) business analysis
• D) development
• E) commercialization

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Definitions:

Average-Total-Cost Curve

A graph that displays the mean total cost of manufacturing across various output quantities, generally characterized by a U-shape because of the effects of economies and diseconomies of scale.

Long-Run Time Period

A duration in economics where all factors of production and costs are variable, allowing for complete adjustment.

Economies Of Scale

The economical benefits that businesses gain from their operation size, typically resulting in lower costs per unit of output as the scale expands.

Specialization

The process of focusing efforts and resources on a limited number of activities to increase efficiency and productivity.