Which of the Following Statements Holds True for Process Innovation

question 85

Multiple Choice

Which of the following statements holds true for process innovation?

• A)It refers to the generation of new business ideas through input from employees beyond a company's R&D department and even going outside the firm to enlist contributions from experts, customers, suppliers, and competitors.
• B)It refers to companies setting up joint collaborative ventures with rival organizations to make improvements in the manufacturing process.
• C)It refers to the implementation of a new or significantly improved process.
• D)It refers to the innovation by consumers and end users, who are using (or want to use)the product in new ways beyond what the company originally intended.
• E)It refers to companies setting up joint collaborative ventures with governmental organizations to improve the manufacturing process.

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Definitions:

Price Elasticities

Measures of how sensitive the demand or supply of a product is to changes in its price.

Tax Burden

The total amount of taxes paid by individuals or businesses, expressed as a percentage of income or as an absolute amount.

Supply and Demand

A fundamental economic model that describes how prices and quantities are determined in a market based on producers' supply and consumers' demand.

Domestic Producer Surplus

The difference between the amount domestic producers are willing to accept for a good or service and the actual amount they receive.