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astraxan [27]
3 years ago
14

Dan kim does a lot of customer research on his ideas for new products before actually making a prototype. in the new-product dev

elopment process, this stage is calle
Business
1 answer:
GarryVolchara [31]3 years ago
7 0
<span>the part of the development process where Dan Kim does his research on his ideas is called innovation which is where new ideas are transformed into new products</span>
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Unlike perfect competition, which produces at the point where price equals marginal cost, a monopolist produces at the point where the price is greater than marginal cost.  

This inefficiency is visible through the decrease in consumer surplus and deadweight loss. The difference between socially optimal level of output and monopoly output also represents inefficiency. The value of the goods and services that could have been made if monopolist chose to produce at a socially optimal level also shows inefficiency.  

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It is said that at zero profit, the revenue covers all the costs, including the implicit ones. The fact that her implicit costs are covered shows that no outside option or opportunity that is superior to the zero economic profit option is chosened.

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