Which of the following represents the concept of systematic risk?

Systematic risk refers to the inherent risk that affects an entire market or economy, which cannot be mitigated through diversification of investments. This type of risk is linked to factors that influence the overall market, such as economic recessions, interest rate changes, political instability, or widespread financial events.

In this context, a national economic downturn that impacts the entire market is a prime example of systematic risk, as it affects all sectors and companies, leading to a broad decline in market performance. This stands in contrast to unsystematic risk, which is specific to a particular company or industry.

The other scenarios provided do not embody systematic risk because they pertain to specific issues within companies or industries rather than the market as a whole. Changes in management, regulatory changes in a specific industry, or the launch of a new product represent risks that can be diversified away through various investments. These factors do not have a widespread effect on the entire market and are thus categorized as unsystematic risk.