New Product Development Exists Only as a Function in Many

question 21

True/False

New product development exists only as a function in many organizations.

---

Definitions:

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved, often due to market distortions like taxes or subsidies.

Tax

A compulsory monetary fee or different form of levy placed on a taxpayer by a government body to finance government expenses and various public outlays.

Opportunity Cost

The cost of choosing one option over another, represented by the value of the foregone alternative.

Deadweight Loss

An economic inefficiency occurring when there is an imbalance between supply and demand leading to a loss of economic value, often caused by government interventions like taxes or subsidies.