In many high-tech industries in the economy, such as computers, medical equipment, and automobiles,
A)price competition is utilized by firms more than innovation to compete with rivals.
B)firms compete on the basis of innovation only; never engaging in price competition.
C)innovation is utilized by firms to compete with rivals more than price competition.
D)firms use price competition only; never engaging in innovation to compete with rivals.
E)firms utilize innovation and price competition equally to compete with rivals.

Question

Quizplus · Accepted Answer

In many high-tech industries, innovation is crucial for firms to stay ahead of their rivals. Price competition may be utilized to a certain extent, but it is not the primary way for firms to compete. Innovation allows firms to create new and better products, which can lead to increased market share and profitability. Therefore, choice C is the best answer.

In Many High-Tech Industries in the Economy, Such as Computers