Final answer:
The statement is true; technological innovation has indeed shortened product-life cycles and necessitates quicker introduction of new products to the market. High-technology industries illustrate this trend with rapid advancements that can outpace traditional patents. The transistor's development demonstrates the impact of technological change on product evolution and labor productivity.
Step-by-step explanation:
It is true that technological innovation has led to shorter product-life cycles and increased the need to bring new products to market more rapidly. The development of technology has accelerated to the extent where previous methods of production, including patents, may become quickly outdated. For example, in high-technology industries like biotechnology or semiconductor design, the rapid pace of innovation could render patents less relevant as technologies evolve before they can be fully commercialized.
The transistor's invention in 1947 is a prime example of technological change that led to significant innovation. It sparked a series of developments resulting in today's compact electronic devices that enhance labor productivity. This technological evolution demands that industries continuously improve and launch new products to stay competitive, shortening product-life cycles and compelling faster time-to-market strategies.