The Process by Which New Firms and New Products Replace

question 66

Multiple Choice

The process by which new firms and new products replace existing dominant firms and products is called

• A) monopolistic competition.
• B) mergers and acquisitions.
• C) process innovation.
• D) creative destruction.

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Definitions:

Right Of Way

A type of easement that allows the crossing of another’s land.

Prescription

An authorized written instruction from a medical practitioner for the preparation and administration of a medicine or medical device.

Habitual Use

Frequent and regular use of something, often implying dependence or a pattern that is hard to break.

Residential Tenancies

Legal arrangements and protections concerning the leasing of residential properties between landlords and tenants.