An Individual's Desire to Create a New Business Is Referred

question 139

Multiple Choice

An individual's desire to create a new business is referred to as

• A) the entrepreneurial spirit.
• B) the desire for ownership.
• C) self-determination.
• D) self-evaluation.
• E) the laissez-faire spirit.

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Definitions:

Competitive Price-Taker

A firm in a competitive market that has no ability to influence the price of the product it sells; it must take the market price as given.

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.

Total Cost

The sum of all costs incurred in producing a good or service, including both fixed and variable costs.

Marginal Cost

The additional cost incurred from producing one more unit of a good or service.