25. In the Klepper model which statements are true regarding innovativeness of

companies and cohorts over time?

a. Since research and development expenses on product innovation, rd, is the

same for all firms, the average product innovativeness across cohorts is

essentially equal

b. Since product innovation declines in the later stages of the cycle,

innovativeness overall also declines

c. Since later entrants are substantially smaller than the incumbents and have

small customer bases, they must be superior product innovators to gain a

toehold and cohorts following them have to be even better product

innovators until entry ceases

d. None of the above