When Making a Decision Regarding the Extent of Planning,an Entrepreneur

question 2

Multiple Choice

When making a decision regarding the extent of planning,an entrepreneur should consider the

• A)preferences of employees.
• B)complexity of the environment.
• C)level of uncertainty of the venture.
• D)competitiveness of the product.

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Definitions:

Marginal Rate

The rate at which one variable changes with respect to a small change in another variable, often used in the context of taxation.

Technical Substitution

The process of replacing one combination of inputs or technologies with another to produce the same level of output.

Inputs

Elements utilized in creating products, covering workers, funds, raw materials, and electricity.

Isoquant

A curve depicting all combinations of inputs that result in the production of the same level of output.