Consider the old maxim, "build a better mousetrap and the world will beat a path to your door." discuss the meaning of this phrase in the context of time-based competition. in particular, is getting to the market first the only factor in a product's eventual success?

In the context of time-based competition,  "build a better mousetrap and the world will beat a path to your door." could be interpreted as "those who make better innovations would obtain the most opportunities to obtain profit in the market"

Innovations only offers advantages in the competition because it offer different options for consumers that exclusively belong to US. But innovation is NOT THE ONLY factors for the product's success. There are other factors that can influence the success such as marketing strategies, condition of the economy

answer; is usually (less than) the socially optimal level of consumption;