Problem
1. Name five common products introduced since you were born.
2. Name some companies that advertise that their products are "new" or "improved."
3. Explain why firms in an industry that spends a large amount of money on advertising may feel locked into their current advertising budgets, with no one firm daring to cut its expenditure. Describe the analogy with competition in innovation.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.