________ Is the Second Step of the Entrepreneurial Process

question 48

Multiple Choice

________ is the second step of the entrepreneurial process.

• A)Opportunity identification
• B)Opportunity selection
• C)Opportunity evaluation
• D)Opportunity feedback
• E)Opportunity success

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Definitions:

Income Effect

Adjustments in the income of people or economic systems and the consequent impacts on how much of a good or service is desired.

Substitution Effect

The change in consumption resulting from a change in the price of a good, leading consumers to replace more expensive items with cheaper alternatives.

Backward Bending

A concept in labor economics where an individual's labor supply curve bends backwards, indicating that they will supply less labor as wages increase beyond a certain point due to the substitution of leisure for work.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, a crucial factor in determining how many workers to hire in production.