The Ability to See, Conceive, and Create New and Unique

question 12

Multiple Choice

The ability to see, conceive, and create new and unique products/services is:

• A) product development.
• B) risk-taking.
• C) innovativeness.
• D) locus of control.

---

Definitions:

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the cost per unit of output decreases with increasing scale.

Long-Run Average Cost Curve

A graphical representation that shows the lowest average cost at which a firm can produce any given level of output in the long run, when all inputs are variable.

Small Firms

Businesses that operate on a smaller scale than larger enterprises, often characterized by fewer employees and lower income or revenue.

Large Firms

Enterprises or corporations that operate on a large scale, typically having significant market power, resources, and complex organizational structures.