According to Joseph Schumpeter, the theory of creative destruction describes a process by which
A) some new products unleash a gale of destruction that drive other new products out of the market.
B) the creation of new products never involves the destruction of old products.
C) new products unleash a gale of destruction that drives old products out of the market.
D) new products are created by the destruction of capital.
C
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In perfect competition, ________
A) there are restrictions on entry into the market B) firms in the market have advantages over firms that plan to enter the market C) only firms know their competitors' prices D) there are many firms that sell identical products
A nation's trade deficit will tend to shrink when its
a. economy is expanding. b. economy is shrinking. c. investment environment is attractive to foreigners. d. economy is growing at a normal rate.