Which of the Following Is the Best Example of a Business

question 90

Multiple Choice

Which of the following is the best example of a business firm operating in a competitive price-taker market?

• A) TGIFriday's, a restaurant chain that operates in numerous locations
• B) a bookstore located a few blocks from a major university
• C) Ford Motor company, a major manufacturer of automobiles that operates in numerous markets throughout the world
• D) an Indiana hog farmer that raises pigs

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Definitions:

Entrepreneurial Innovation

The process by which an entrepreneur designs, develops, and brings to the market a novel product or service that potentially changes industry patterns or consumer habits.

Subsidize

To provide financial support or assistance, often by the government, to lower the cost of producing goods or services.

Ideas In Motion

The concept of actively pursuing and implementing new ideas and innovations.

Money Rate

The rate of interest charged on short-term loans by banks to their customers.