A "Top-Down" Perspective That Seeks to Understand the Entrepreneurial Process

question 12

Multiple Choice

A "top-down" perspective that seeks to understand the entrepreneurial process by focusing largely on environmental factors that are mostly beyond the direct control of an individual is called the

• A) macro perspective.
• B) micro perspective.
• C) opportunity perspective.
• D) external perspective.
• E) internal perspective.

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Definitions:

Long Run

A period in which all inputs can be adjusted by firms, allowing new firms to enter or exit the industry.

Constant-cost Industry

An industry where the input prices and costs of production do not change as the industry output changes.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied at those prices.

Purely Competitive

A commercial framework with a vast number of tiny enterprises, a single type of product, freedom to enter and leave, and total transparency of information.