A(n) _____ Depends on a Validated Business Model That Has

question 40

Multiple Choice

A(n) _____ depends on a validated business model that has been market-tested and is reliable.

• A) feasibility study
• B) pitch presentation
• C) business plan
• D) industry/market analysis
• E) proof of concept (POC)

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Definitions:

Production Function

A mathematical representation showing the relationship between input factors and the output of goods or services.

Competitive Markets

Markets characterized by many buyers and sellers, where no single participant has significant influence on price or product offerings.

Fixed Costs

Costs that do not vary with the level of output production, such as rent, salaries, and insurance.

Quasi-Fixed Costs

Costs that are not strictly variable or fixed but have elements of both, changing with adjustments in the level of business activity or scale of operations over time.