New Products That Are Minor Variations on Existing Products, and Which

question 191

Multiple Choice

New products that are minor variations on existing products, and which require no change to consumer behavior, are called _____.

• A) fads
• B) new products
• C) second movers
• D) discontinuous innovation
• E) continuous innovations

Understand the principles of fairness and equality and how they apply in group settings.

Recognize the role of contribution and need in determining fair resource allocation among teams.

Understand the dynamics of group behavior toward overly generous members.

Learn the definitions and applications of equality, equity, and need in fairness norms.

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Definitions:

Firm's Total Profit

The total income of a firm after subtracting all costs necessary to generate its revenue.

Firm's Total Profit

The total income of a firm after subtracting all costs from its total revenues.

Profit Maximizing

The process of adjusting production and sale levels to achieve the highest possible profit based on existing market conditions.

Level of Output

The quantity of goods or services produced by a company, industry, or economy within a given period.