According to Your Text,which of the Following Are Involved in Primary

question 106

Multiple Choice

According to your text,which of the following are involved in primary innovations?

• A) predictable and determined discoveries
• B) original discoveries,which are then manufactured differently by various groups
• C) chance or accidental discoveries
• D) discoveries made by only one person

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Definitions:

Substitutes

Goods or services that can replace each other in usage, offering alternative choices to consumers.

Complements

Goods or services that are used together, where the use of one increases the demand for the other.

Income Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.

Inferior Good

An inferior good is a type of good whose demand decreases when consumer income rises, unlike normal goods, where demand increases with rising consumer income.