Economics (7th Edition) (What's New in Economics)
Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
Question
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Chapter 3, Problem 1TC
To determine

Innovation method.

Expert Solution & Answer
Check Mark

Explanation of Solution

Food market has more competition. Consumer prefers new things. Thus, it is necessary to go ahead one more step to compete with other firms and increase the market share along with increasing profit. The younger consumers mostly prefer the food shop that provides door delivery and the convenience payment method. To attract different categories  of people, these firms should be innovative in terms of variety of foods, delivery methods and payment options.

Economics Concept Introduction

Concept introduction:

Innovation: It is a process of creating new technology, new production method, new goods and services.

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