The Main Factors in Determining Whether the Innovator Can Make

question 9

True/False

The main factors in determining whether the innovator can make a good profit from an innovation are luck, and good timing.

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Definitions:

Economic Contraction

A slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers.

Decline

A decrease or reduction in value, quality, or quantity over a certain period of time.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power.