Based on William A

question 28

Multiple Choice

Based on William A. Sahlman's suggestions, which of the following is a question about competitors that should be answered by the business plan?

• A) Are there ways to co-opt potential or actual competitors by forming alliances?
• B) How easily can new competitors enter the industry?
• C) Do small businesses have special advantages when competing in the industry?
• D) What is the average size of competitors?

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Definitions:

Minimum Wage

The lowest legal hourly pay rate that employers can pay their workers, which is set by government law.

Price of Soybeans

The current market value at which soybeans can be bought or sold.

Normative Statement

Assertions or opinions that express what ought to be, involving value judgments and cannot be tested or verified.

Positive Statement

An objective statement based on factual information that can be tested and validated, often used in economics to describe what is happening without judgment of desirability.