Final answer:
The statement is true - developing new products and services faster than the competitors is one of the two most important features of time-based competition. Market competition incentivizes firms to innovate and introduce new products or services to gain a competitive edge and earn above-normal profits. Samsung is an example of a company that prioritizes new innovation to stay ahead in the technology market.
Step-by-step explanation:
The statement that developing new products and services faster than the competitor is one of the two most important features of time-based competition is true.
Market competition provides an incentive for firms to continuously innovate and introduce new products or services. This allows them to gain a competitive edge and earn above-normal profits before competitors can catch up.
For example, companies like Samsung constantly strive for new innovations to stay ahead in the technology market. Their relentless pursuit of new technology allows them to offer consumers a wide range of possibilities and maintain a temporary advantage over their competitors.