According to the Process of Creative Destruction, at First the Entrepreneur

question 117

Multiple Choice

According to the process of creative destruction, at first the entrepreneur will be able to sell the product for

• A)a low price because it is not well known.
• B)a high price because there is no competition.
• C)a fair price because these are contestable markets.
• D)at a price of zero until the market is created.

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Definitions:

Marginal Utility

The increase in satisfaction or useful value obtained from the consumption of yet another unit of a good or service.

Milkshakes

A sweet, cold beverage made from blending milk, ice cream, and flavorings or sweeteners such as butterscotch, caramel sauce, or chocolate syrup.

French Fries

Refers to the popular side dish made from potatoes that are cut into strips and fried.

Utility

In economics, a measure of the satisfaction or happiness that individuals get from consuming goods and services.