The _____ Approach to Innovation Asserts That the Key to Fast

question 10

Multiple Choice

The _____ approach to innovation asserts that the key to fast product innovation is to use intuition, flexible options, and hands-on experience to reduce uncertainty and accelerate learning and understanding.

• A)compression
• B)experiential
• C)technological substitution
• D)generational change
• E)technological disruption

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Definitions:

Diminishing Marginal Utility

The principle that says the additional satisfaction a consumer gains from consuming one more unit of a good or service will lessen with each additional unit consumed.

Marginal Utility

Marginal utility is the additional satisfaction or utility that a consumer derives from consuming one more unit of a good or service.

Marginal Utility

This term refers to the additional satisfaction or utility gained by consuming one more unit of a good or service.

Rational Consumer

An economic theory assumption that consumers make purchasing decisions based on their rational outlook, available information, and self-interest to maximize utility.