An Improvement in Entrepreneurial Skills Applied to the Production of a Particular

question 116

Multiple Choice

An improvement in entrepreneurial skills applied to the production of a particular product would cause

• A) the supply curve for that product to shift to the right.
• B) a movement to the right along the supply curve for that product.
• C) a movement to the left along the supply curve for that product.
• D) an increase in the quantity supplied of that product.
• E) a decrease in the quantity supplied of that product.

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Definitions:

Local Industries

Businesses and manufacturing operations that are based within a specific geographic area and often cater to the economic needs of the local population.

Market Development

The expansion of a market through the identification and penetration of new market segments or geographic areas.

Microfinance

A type of financial service provided to unemployed or low-income individuals or groups who otherwise lack access to traditional banking services.

Collateral

An asset that a borrower offers to a lender as a security for a loan, which can be seized if the loan is not repaid.