Unit 8 Discussion v Unit 8 Discussion: Creative Destruction Questions for Initial Response In the previous units, you learned that perfect competition is considered very efficient. For example, in unit 1 you learned about the \"invisible hand\" that promotes the highly efficient allocation of resources. In unit 3, you learned how perfect competition leads to buyers and sellers achieving equilibrium. Additionally, unit 6 examined how perfect competition leads to equal consumer and producer surplus. In this unit, perfect competition is shown to promote technological advancements and increased competition that results in, among other things, what is called "creative destruction." Based upon your reading about \"creative destruction" in chapter 10 of your textbook, answer the following questions: 1. What is an example of a good, service, or industry that has experienced creative destruction. (Please do not use one of the examples found in the textbook.) 2. What was the process that occurred that caused the market for this good, service, or industry to decline? 3. Was this a slow process or a fast process? (For example, months, years, decades?) 4. Who benefited from this creative destruction, and how did they benefit from it? Please be specific. 5. Was there anyone who was negatively affected by this creative destruction? If so, please explain who was affected and how