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List Out the Five Characteristics of an Innovation That Assist

question 76

Essay

List out the five characteristics of an innovation that assist in determining the rate of acceptance or resistance of the market to a product.


Definitions:

Beneficiaries

Individuals or groups that receive benefits or advantages from something, typically from a trust, insurance policy, or a program.

Pigouvian Tax

A tax imposed on any market activity that generates negative externalities, intended to correct an undesirable or inefficient market outcome.

Socially Optimal

A condition or outcome that maximizes the overall welfare of society, often considered in economics and public policy to evaluate efficiency and equity.

Pollution

The presence or introduction into the environment of substances or things that have harmful or poisonous effects.

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