The Type of Innovation That Has the Least Amount of "New

question 73

Multiple Choice

The type of innovation that has the least amount of "new value" is

• A)continuous innovation
• B)dynamically discontinuous innovation
• C)dynamically continuous innovation
• D)discontinuous innovation

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Definitions:

External Costs

Costs of a transaction or activity that affect third parties who did not choose to incur that cost, often seen in environmental pollution.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product for which there are many substitutes.

External Benefit

A benefit that people other than the consumer or producer enjoy, resulting from a transaction or activity.

Economic Efficiency

A condition in which all available resources are utilized in the most effective manner to satisfy society's needs and wants, minimizing waste and maximizing value.