All of the Following Statements Correctly Describe the Innovation Process

question 121

Multiple Choice

All of the following statements correctly describe the innovation process EXCEPT:

• A)Process innovations result in better ways of doing things.
• B)Product innovations result in the creation of new or improved goods and services.
• C)Process and product innovations support invention.
• D)Process and product innovations support application.
• E)Creativity is not essential for innovation.

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Definitions:

Wealth-Reducing Activities

Activities that diminish the value of assets or the net worth of individuals or entities.

Shift

A change in position or direction, often used in economics to describe a movement in supply or demand curves in response to external factors.

Electronic Components

Components such as resistors, capacitors, diodes, and transistors used in the creation of electronic circuits.

Relatively Elastic

Refers to a situation where the quantity demanded or supplied of a good changes significantly in response to changes in price.