Innovations in Products,services or Processes That Are Radically Change in an Industry's

question 31

Multiple Choice

Innovations in products,services or processes that are radically change in an industry's 'rules of the game' are known as a(n) _________________.

• A) change due to environmental forces
• B) disruptive innovation
• C) technology changes
• D) product changes
• E) ambidextrous approach to changes

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Definitions:

Supply Of

Refers to the total amount of a product or service that is available for purchase at any given price point in a given market.

Market Equilibrium Price

The price at which the quantity of goods buyers are willing to purchase equals the quantity sellers are willing to sell.

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a given price over a specified period.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price in a given time period.