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

Question

Quizplus · Accepted Answer

Creative destruction refers to the process where innovation and new technologies lead to the demise of older companies and products, allowing for economic growth and development through the cycle of innovation.

The Process by Which New Firms and New Products Replace