A _____ Is Defined as an Innovation That Is Adopted

question 25

Multiple Choice

A _____ is defined as an innovation that is adopted first in emerging economies and then diffused around the world.

• A) reverse innovation 
• B) reverse-engineered innovation 
• C) top down innovation 
• D) traditional innovation

---

Definitions:

Natural Monopoly

Firm that can produce the entire output of the market at a cost lower than what it would be if there were several firms.

Competitive Level

The extent of competition within a market, characterized by the number of firms and their ability to set prices.

Monopolist's Profits

The excess earnings a monopolist obtains over what it would earn in a competitive market due to its market power.

Competitive Conditions

The characteristics of a market environment that influence the level of competition between businesses, including the number of competitors, product differentiation, and barriers to entry.