Innovations, Which Result in People Continually Looking for Ways to Excel

question 19

Multiple Choice

Innovations, which result in people continually looking for ways to excel, earn more money, and live better, occur due to

• A) the rapid development in the IT sector
• B) competition
• C) government regulation
• D) greedy people
• E) China's entry into the World Trade Organization

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Definitions:

Reflexive

pertains to relations where an element is always related to itself, or in social theories, where actions or processes mirror and affect each other within a system.

Transitive

In mathematics and logic, transitive refers to a relation where if relation A exists between B and C, and relation A exists between C and D, then the relation must also exist between B and D.

Complete

In a market context, it refers to a situation where there is sufficient information and resources for transactions to occur without any barriers.

Indifference Curves

Graphical representations showing different combinations of goods that provide the same level of satisfaction or utility to a consumer.