In Terms of Contribution to Total U

question 196

Multiple Choice

In terms of contribution to total U.S. income, the factor of production that receives the SMALLEST share is:

• A) capital.
• B) labor.
• C) natural resources.
• D) entrepreneurship.

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Definitions:

Oligopoly

A market structure characterized by a small number of firms controlling the majority of the market share, which affects competition and pricing.

Fast Foods Industry

A sector of the food service industry characterized by its focus on convenient, quick, and accessible meal options.

Substitute Products

Goods or services that can be used in place of each other, offering consumers alternatives that fulfill the same need or function.

Porter

Refers to Michael E. Porter, a prominent academic known for his theories on economics, business strategy, and competitive advantage.