Suppose firm X implements a new method for extracting copper from copper-bearing ore. This is an example of

A) product innovation.
B) process innovation.
C) economics of scale.
D) the inverted-U theory.

Process Innovation

Refers to the implementation of a new or significantly improved production or delivery method.

Product Innovation

The process of developing and bringing a new product or an improved version of an existing product to the market.

Economics of Scale

Benefits in cost efficiency that organizations achieve through their operation size, leading to reductions in unit cost as the scale grows.