Examlex
A 15% decrease in the price of radios causes the quantity demanded to rise by 16%. The demand for radios is
Invention
The creation of a new product, process, or method that has never been made before, through the use of imagination and ingenuity.
Imitation
is the action of using someone or something as a model and attempting to replicate their success or characteristics.
Economies of Scale
Advantages in costs that companies gain by operating at larger scales, resulting in lower cost per unit as the scale expands.
Product Innovation
The process of developing new products or improving existing ones to meet changing consumer needs and preferences.
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