Use Innovativeness Involves Meeting an Old Need with a New

question 39

True/False

Use innovativeness involves meeting an old need with a new product specifically designed for that purpose.

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Definitions:

Government Policy

Strategies and measures adopted by a government to achieve certain goals in national and international affairs.

Externality

An effect of economic behavior that impacts people not directly involved in the transaction, which may be beneficial or harmful.

Socially Optimal Quantity

The socially optimal quantity is the level of production of a good or service that maximizes societal welfare, considering both private and external benefits and costs.

Seller

A seller is an individual or entity that offers goods or services for sale in the market.