The Process of Prototyping, Testing, Analyzing, and Refinement Is Defined

question 56

Multiple Choice

The process of prototyping, testing, analyzing, and refinement is defined as:

• A)product development
• B)intentional iteration
• C)iterative development
• D)entrepreneurial testing

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Definitions:

Diminishing

Refers to the principle where increasing one input, while holding others constant, will eventually yield lower per-unit returns.

Long Run

In economics, a period in which all factors of production and costs are variable, and firms can enter or exit the market.

Resources Fixed

A situation in an economic model where the availability of resources is constant and unchanging over time.

Output Variable

A variable that represents the result or outcome of a process or model.