Match the Term with Its Definition

question 29

Multiple Choice

Match the term with its definition.
-A change in how we fundamentally see a situation

• A)bootstrap
• B)entrepreneur
• C)entrepreneurial legacy
• D)entrepreneurial team
• E)franchisee
• F)lifestyle business
• G)intrapreneurship
• H)paradigm shift
• I)small business
• J)technician personality

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Definitions:

Purely Competitive

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which all sellers offer identical products.

Marginal Cost

The cost added by producing one extra item of a product.

Purely Competitive

Another term for pure competition, it refers to a theoretical market structure with a large number of buyers and sellers, homogeneous products, and free entry and exit from the market.

Output Level

The total amount of goods or services produced by a business or economy within a specific period.