The Process by Which New Firms and New Products Destroy

question 157

True/False

The process by which new firms and new products destroy existing dominant firms and their products is called creative destruction.Learning Objective: 11-05 Discuss creative destruction and the profit incentives for innovation.Test Bank: I Topic: Technological Advance and Competition

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Definitions:

Easter Rising

An armed insurrection in Ireland during Easter Week, April 1916, by Irish republicans to end British rule in Ireland and establish an independent Irish Republic.

British

Relating to Great Britain or the United Kingdom, including its people, culture, and historical context.

Ireland

An island in the North Atlantic, separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel, comprising the Republic of Ireland and Northern Ireland.

Francis Ferdinand

Archduke Franz Ferdinand of Austria was the heir to the Austro-Hungarian Empire, whose assassination in 1914 sparked the beginning of World War I.