An Example of an Idea for a New Startup from a Hobby

question 18

Multiple Choice

An example of an idea for a new startup from a hobby is

• A)a coin collector,who bought and sold coins for years to build a personal collection,deciding to become a coin dealer.
• B)a furniture salesperson seeing the possibility of opening a new furniture store in a different area of the city.
• C)a sharpshooter,who shot holes in a pair of her boyfriend's jeans during an argument,hearing him get complimented on the way they look.
• D)all of the above are examples.

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Definitions:

Single-Firm

Refers to a market situation dominated by a single producer or service provider.

Network Externalities

Effects on a user of a product or service that depend on the number of other users of the same or compatible products or services.

Smartphone Market

The sector of the economy that deals with the production, sale, and distribution of smartphones and related services.

Societal Loss

The total loss in welfare or efficiency that a society faces, often due to inefficiencies or externalities in markets.