The advent of DVDs has virtually demolished the market for videocassettes.This is an example of:
A) creative destruction.
B) derived demand.
C) capital accumulation.
D) the difference between normal and economic profits.

Question

Quizplus · Accepted Answer

Creative destruction refers to the process by which new innovations or technologies replace old ones, resulting in the destruction of the old industries. In this case, the advent of DVDs replaced videocassettes, leading to the downfall of the videocassette market.

The Advent of DVDs Has Virtually Demolished the Market for Videocassettes.This