Entrepreneurship

question 88

Multiple Choice

Entrepreneurship

• A)Always involves greater rewards than risks.
• B)Can result in economic losses.
• C)Cannot earn an economic profit.
• D)Occurs in small businesses,but not large corporations.

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Definitions:

Going Price

The current market rate at which a particular good, service, or commodity can be bought or sold.

Market

A system or arena in which commercial dealings are conducted, or where supply meets demand.

Equilibrium Quantity

The level of output at which demand and supply in the market balance perfectly, setting the stage for stable prices unless external factors intervene.

Demand Schedule

A table or graph showing the quantity of a good that consumers are willing to purchase at various prices.