16 Which of the following is the definition of product proliferation? Review Later The development of new or improved products that replace the existing products Products cater to the needs of all market segments and everything is served in the market, so there is no opportunity for new competitors to enter the industry Companies provide long-run commitment to the market by investing in research and development of products Companies charges prices which are below what is required to maximize profits in the short-run to deter entry of new competitors