According to the theory of creative destruction,
A) hurricanes and tornadoes stimulate the economy
B) technological change destroys competitive markets
C) monopolies engage in self-destructive behavior
D) competition between industries can break a monopoly
E) price wars break out when new products are introduced

Question

Quizplus · Accepted Answer

The theory of creative destruction, introduced by economist Joseph Schumpeter, suggests that competition and innovation can disrupt existing industries and market structures, potentially breaking monopolies and leading to economic progress.

According to the Theory of Creative Destruction