Which of the Following Statements Is True About Invention

question 63

Multiple Choice

Which of the following statements is true about invention?

• A)It essentially enables firms to deliver value in new ways.
• B)It refers to the use of a novel idea or method.
• C)It is the creation of a unique or novel concept, method or process that is often turned into a tangible outcome such as a new product.
• D)It is the conversion of a novel concept into a product, process, or business model that generates revenues and profits.

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Definitions:

Elasticity Coefficient

A numerical measure of how much the quantity demanded or supplied of a product changes in response to a change in its price, income level, or other factors.

Total Revenue

The total income received by a firm from the sale of its products or services before any expenses are subtracted.

Commodity

A basic good used in commerce that is interchangeable with other goods of the same type.

Cross Elasticity

A measure of the responsiveness of demand for one product in relation to a price change in another, highlighting substitute or complementary relationships between products.