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

The term "creative destruction" was coined by economist Joseph Schumpeter to describe the process by which new innovations and entrepreneurs displace established businesses and products. This process is driven by competition and can lead to greater productivity and economic growth over time.

The Process by Which New Firms and New Products Replace