Products That Are New-To-The-World Create a Fundamental Change in the Marketplace

question 82

Multiple Choice

Products that are new-to-the-world create a fundamental change in the marketplace and are known as ________.

• A) technological transformations
• B) convenience goods
• C) core products
• D) disruptive innovations
• E) enhanced products

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Definitions:

Unit Elasticity

A situation in economics where a change in the price of a good or service results in a proportionally equal change in the quantity demanded or supplied.

Price Elasticity of Demand

A measure of the sensitivity of quantity demanded of a good to a change in its price.

Demand Curve

The graphical representation that illustrates the quantity of a particular good or service that consumers are willing and able to purchase at various price points.

Vertical Demand Curve

A vertical demand curve is a theoretical representation where the quantity demanded is completely insensitive to price changes, indicating that consumers are willing to buy the same amount regardless of the price.