Because Firms Must Be Developing New Products All the Time

question 91

Multiple Choice

Because firms must be developing new products all the time, which of the following statements is true?

• A) Competitors are likely to rapidly introduce product improvements in the market growth stage.
• B) The developed economies experience technological advances quicker than the less-developed economies.
• C) Although the life of different products varies, product life cycles are getting shorter.
• D) One new invention may make possible many new products to replace old ones.
• E) All of these statements are true.

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Definitions:

Concrete Operational Stage

A phase in Piaget's theory of cognitive development where children from roughly 7 to 12 years old become capable of logical thought processes but are not yet able to think abstractly.

Egocentric

Having an inability to understand or assume any perspective other than one's own.

Preoperational Stage

A developmental stage ranging approximately from ages 2 to 7 during which children begin to engage in symbolic play and learn to manipulate symbols, but do not yet understand concrete logic.