If the Price of Product Y Is $25 and Its

question 141

Multiple Choice

If the price of product Y is $25 and its marginal cost is $18,

• A)Y is being produced with the least-cost combination of resources.
• B)society will realize a net gain if less of Y is produced.
• C)resources are being underallocated to Y.
• D)resources are being overallocated to Y.

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Definitions:

Entrepreneurial Success

The achievement of desired business goals and objectives by individuals who organize and operate enterprises, taking on greater than normal financial risks.

Entrepreneurs

Individuals who initiate, manage, and assume the risks of starting and operating a new business venture, often innovating and implementing new ideas.

Business Degree

An academic degree awarded to students who have completed coursework in business administration or management.

Entrepreneurs' Backgrounds

The educational, cultural, and work experience histories of entrepreneurs, which can influence their business practices, strategic decisions, and likelihood of success.