Which Type of Venture Typically Requires Considerable Research and Development

question 34

Multiple Choice

Which type of venture typically requires considerable research and development cost prior to startup?

• A)Restaurants
• B)High-tech
• C)Construction
• D)Retail
• E)Manufacturing

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Definitions:

Demand

The total quantity of goods or services that consumers are willing and able to purchase at a given price level in a market.

Supply

The total amount of a specific good or service that is available to consumers in a market at a given time and price.

Elastic

Describes a situation in which a change in price leads to a significant change in the quantity demanded or supplied of a good or service.

Supply

The total amount of a good or service that is available to consumers at a given price level and time.