Which of the Following Economists First Coined the Concept of Creative

question 125

Multiple Choice

Which of the following economists first coined the concept of creative destruction?

• A) Malthus
• B) Adam Smith
• C) Joseph Schumpeter
• D) Paul Krugman

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Definitions:

Tacit Collusion

An unspoken, unofficial agreement between competitors to avoid certain actions or behaviors considered competitive, without explicit communication.

Nonprice Competition

Competition in areas other than price to increase sales, such as new product features and advertising; especially engaged in by firms that have a tacit understanding not to compete on price.

Nash Equilibrium

A concept within game theory where no player can benefit by changing strategies while the other players keep theirs unchanged.

Price Leadership

A pattern of behavior in which one firm sets its price and other firms in the industry follow.