A Prototype Is Best Described as Which of the Following

question 13

Multiple Choice

A prototype is best described as which of the following?

• A)a type of customer who represents the "ideal" for a venture
• B)an initial version of a product or service designed for use in experimentation
• C)a stakeholder who offers something unique to a venture
• D)a "what if," idealized version often described in brainstorming

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Definitions:

Transform Resources

The process of converting resources into goods or services through manufacturing, labor, or other means of production.

Output Markets

Markets in which goods and services are exchanged.

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the public.

Output Market

The output market is the marketplace in which goods and services produced by firms are sold or exchanged, contrasting with input markets where firms buy resources needed for production.