In a Survey of 1,000 Business Owners, Which of the Following

question 28

Multiple Choice

In a survey of 1,000 business owners, which of the following was a motivation for an entrepreneur to sell a venture?

• A)too many heirs within the company
• B)the company getting too big
• C)a desire for liquidity
• D)legal advice received

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Definitions:

Maximize Profits

A business objective aiming to achieve the highest possible financial gain from operations.

Economic Profit

The surplus remaining after total costs (both explicit and implicit) are deducted from total revenue, reflecting the true profitability of a firm.

ATC

Average Total Cost, which is the total cost divided by the quantity of output produced, reflecting the cost per unit of output.

Pure Monopolist

A market structure where a single seller dominates the market, with no rivals, supplying a unique product without close substitutes.