What Is the Term Used for the Process by Which

question 143

Multiple Choice

What is the term used for the process by which an entrepreneur creates or recognizes a new and better product, acquires it, and brings it to market, making older substitutes obsolete?

• A)creative destruction 
• B)innovation 
• C)the substitution effect 
• D)backward-bending innovation

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Definitions:

Demand for Film

Demand for film encompasses the desire and willingness of consumers to purchase and view cinematic productions, influenced by factors such as genre, cast, and reviews.

Price of Cameras

The amount of money required to purchase a camera, influenced by factors such as technology, brand, market demand, and production costs.

Shift in Demand

A change in the demand curve caused by factors other than the price of the good or service, leading to an increase or decrease in demand at every price.

Mass Transit

Public shared transportation systems, such as buses and trains, designed to move large numbers of people efficiently across urban and suburban areas.