An Entrepreneur Is

question 38

Multiple Choice

An entrepreneur is:

• A) an employee in a factory.
• B) the manager of a factory.
• C) the person who conceives and starts a business.
• D) the person who contracts to work for a specific price.
• E) the person who does not assume any risk in business.

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Definitions:

Price Floor

A government or regulatory minimum price set above the equilibrium price, preventing the market price from falling below it.

Equilibrium Price

The market price at which the quantity of a good or service supplied is equal to the quantity demanded.

Maximum Price

A price ceiling set by a governing body, above which a particular good or service cannot legally be sold.

Economic Impact

The effect of an event, policy, or market change on the economy, which can include impacts on employment, income levels, and economic growth.