Which of the Following Statements Is True

question 64

Multiple Choice

Which of the following statements is true?

• A)Innovation is the specific function of entrepreneurship.
• B)Innovation is the process by which entrepreneurs consume marketable ideas.
• C)Innovation does not involve change.
• D)Innovation is the government's responsibility.

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Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is relatively unaffected by changes in price.

Price Elasticity of Demand

A measure of how responsive the quantity demanded of a good is to a change in its price, often used to gauge the relative change in demand as a result of price fluctuations.

Soccer Balls

Spherical balls designed and used specifically for the sport of soccer.

Quantity Demanded

The aggregate quantity of a product or service that buyers are ready and capable of buying at a specific price point.