Over Time, the Only Way Firms Can Continue to Earn

question 12

Multiple Choice

Over time, the only way firms can continue to earn positive economic profits is

• A) with government control over price.
• B) hire top entrepreneurs.
• C) if other firms cannot copy the unique aspects of the firm's product or service.
• D) by reducing diseconomies of scale.
• E) through increased competition.

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Definitions:

Entrepreneurial Action

The initiatives and actions undertaken by entrepreneurs to establish and build their enterprises, including decision-making, risk-taking, and strategizing.

Self-leadership

The process of influencing oneself to establish the self-direction and self-motivation needed to perform or achieve specific goals.

Components

Individual parts or elements that combine together to form a complete system or device.

Behavior-focused Strategies

Approaches or plans of action aimed at influencing or changing individuals' behaviors in specific ways.