According to a Survey Mentioned in the Textbook, What Percentage

question 61

Multiple Choice

According to a survey mentioned in the textbook, what percentage of all new products achieved economic success?

• A) 3 percent
• B) 12 percent
• C) 30 percent
• D) 60 percent

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Definitions:

Economic Rent

The extra amount earned by a resource above what would be needed to keep that resource in its current use, often due to scarcity or unique qualities.

Factor Of Production

Essential resources used in the production of goods and services, such as labor, capital, land, and entrepreneurship.

Supply Curve

The Supply Curve is a graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing and able to sell at each price level.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or factor of production.