Technological Change Happens When an Entrepreneur Identifies

question 11

Multiple Choice

Technological change happens when an entrepreneur identifies

• A) n ew customer segments that appear to be emerging.
• B) n ew customer needs.
• C) e xisting customer needs that have not been satisfied.
• D) n ew ways of manufacturing and distributing products and services.
• E) All  of these are correct.

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Definitions:

Breakeven

A situation where the sum of all costs equals the sum of all revenues, with no profit or loss occurring.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, often expressed as a percentage of the cost.

Operating Expenses

Costs associated with the day-to-day operations of a business, excluding cost of goods sold.

Mark-up

The difference between the cost of a good and its selling price, expressed as a percentage over the cost.