If an Entrepreneur Believes in Himself/herself and That Their Accomplishments

question 73

Multiple Choice

If an entrepreneur believes in himself/herself and that their accomplishments and setbacks are within their own control, they possess a(n)

• A)confidence level higher than most entrepreneurs.
• B)internal locus of control.
• C)cockiness level too high to be an entrepreneur.
• D)high energy level.

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Definitions:

Product Variation

The process of making slight adjustments to a product's features, design, or offerings to differentiate it from competitors’ products.

Average Total Cost

The total cost of production divided by the number of units produced, representing the average cost per unit.

Economic Profit

A quantification of the surplus generated after subtracting both the explicit and implicit costs from total revenue, indicating the true profitability of a business.

Allocative Efficiency

An economic state where resources are allocated in a way that maximizes the net benefit to society.