Erin Developed a New Type of Exercise Equipment She Calls

question 157

Multiple Choice

Erin developed a new type of exercise equipment she calls the Tush N' Tone. After unsuccessfully searching for potential investors, she arranged a personal loan and borrowed additional money from her parents. Her willingness to continue believing in her idea and to remain enthusiastic shows that Erin is:

• A) characteristically self-nurturing.
• B) better suited to managing a nonprofit organization.
• C) unaware of the risks she was taking.
• D) not a true entrepreneur.

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Definitions:

Final Product

The completed good or service that is available for sale to the end-user, after all stages of production and processing are completed.

MPP

Marginal Physical Product, which represents the additional output resulting from the use of one more unit of a variable input, holding other inputs constant.

Resource

Assets, materials, or inputs that are available to an individual, organization, or society to produce goods and services.

Output

The total amount of goods or services produced by a company, industry, or economy.