Chapter 11.1, Problem 2R

To determine

To state: Steps before a new product reaches the market.

Answer to Problem 2R

A new product goes through a series of five steps before entering the market.

Explanation of Solution

A new product goes through before reaching the product, goes through a series of steps:

Economics Concept Introduction

Introduction: A new product needs to undergo a lot of steps before it enters the market. Unless it is tested, it is not released in the market.