____Are Individuals, Acting Independently or as Part of an Organization

question 57

Multiple Choice

____are individuals, acting independently or as part of an organization, who see an opportunity and then take risks to develop an innovation to exploit it.

• A) Leaders
• B) Innovators
• C) Entrepreneurs
• D) Transformative leaders

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Definitions:

Nonexcludable

A characteristic of a good or service where it is impossible, or highly costly, to prevent someone from using it once it has been provided.

Nonrival

A characteristic of a good where one person's consumption does not diminish the utility or availability of that good for others.

Marginal Cost

The cost added by producing one additional unit of a product or service, a critical concept in economic theory for optimal production levels.

Public Goods

Goods that are non-excludable and non-rivalry in consumption, meaning they are available to all members of society and one person's use does not diminish another's.