The Process Through Which Individuals Conclude That They Have Identified

question 25

Multiple Choice

The process through which individuals conclude that they have identified the potential to create something new that has the capacity to generate economic value is called

• A) idea generation.
• B) creativity.
• C) human cognition.
• D) opportunity recognition.
• E) none of the above.

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Definitions:

Elasticity

A measure of how responsive the demand or supply of a product or service is to changes in price or other factors.

Long-run Market Supply

Describes the total quantity of a good or service that producers are willing and able to supply at various prices in the long term, considering all factors of production are variable.

Resource Prices

The costs associated with acquiring the inputs needed for production, including raw materials, labor, and capital.

Industry Expands

The process of growth within a particular sector due to factors like increased demand, technological advancements, or entry of new businesses.