_____ Innovation Takes Established Offers in Established Markets to the Next

question 37

Multiple Choice

_____ innovation takes established offers in established markets to the next level.

• A) Application
• B) Product
• C) Process
• D) Experiential

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Definitions:

Consumer Surplus

The disparity between the price consumers are inclined to pay and what they truly disburse for a good or service.

Miguel's Consumer Surplus

The difference between what Miguel is willing to pay for a good or service and what he actually pays, measuring the benefit or surplus value he receives.

Willingness to Pay

The maximum amount a consumer is prepared to spend for a good or service, reflecting the value they place on it.

Demand Curve

A visual diagram depicting how the price of an item correlates with consumer demand for it.