Name the Pitfall Described by the Statement,"Engineers and Technically Trained

question 26

Multiple Choice

Name the pitfall described by the statement,"Engineers and technically trained people are particularly prone to falling in love with an idea for a product or service."

• A)inadequate understanding of technical requirements
• B)lack of venture uniqueness
• C)no real insight into the market
• D)lack of objective evaluation

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Definitions:

Loss-Minimizing

A strategy or approach that aims to reduce or minimize losses in various contexts, including business, investment, and economic activities.

Short-Run Equilibrium

A state in which the quantity supplied equals the quantity demanded within a market, but only for a temporary period due to fixed inputs in production.

Long-Run Equilibrium

A state in which all firms in a market or industry are making normal profits, with no incentives for entry or exit, and all factors of production are perfectly mobile.

Economic Profits

The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.