The process by which new firms and new products replace existing dominant firms and products is called
A)monopolistic competition.
B)mergers and acquisitions.
C)process innovation.
D)creative destruction.

Question

Quizplus · Accepted Answer

Creative destruction refers to the process where innovation leads to the demise of existing companies and products, making way for new ones. This concept is central to the dynamics of capitalism and was popularized by economist Joseph Schumpeter.

The Process by Which New Firms and New Products Replace