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Questions and Answers
Which of the following is true about markets?
Which of the following is true about markets?
- They limit the choices available to customers
- They prevent change and innovation
- They reward innovation that customers want (correct)
- They only allow established products to succeed
What happens to a product that does not create more value for potential buyers than its alternatives?
What happens to a product that does not create more value for potential buyers than its alternatives?
- It is protected by those in authority
- It becomes more profitable than its alternatives
- It becomes the only option available to customers
- It fails quickly (correct)
Why must producers innovate continuously?
Why must producers innovate continuously?
- To prevent competitors from introducing similar products
- To maintain above-average profit margins (correct)
- To protect established products from change
- To limit the choices available to customers
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