_________________ Is a Way of Explaining How Innovations Swept Away

question 24

Multiple Choice

_________________ is a way of explaining how innovations swept away old technologies, skills, products, ideas, and industries and replaced them with new ones

• A)S curve theory
• B)transitional phase
• C)creative destruction
• D)punctuated equilibrium

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Definitions:

Producers

Entities or individuals that create goods or services for consumption by consumers.

Excise Tax

A tax charged on specific goods, such as alcohol and tobacco, usually imposed to discourage certain behaviors or generate revenue.

Tax Burden

The distribution of tax payments among individuals or groups, often discussed in the context of equity and fairness.

Deadweight Loss

It represents the loss of economic efficiency when the equilibrium for a good or a service is not achieved or is not achievable.