(I) the Entrepreneurial Discovery and Development of Improved Products and Production

question 81

Multiple Choice

(I) The entrepreneurial discovery and development of improved products and production processes is a central element of economic progress. (II) Traditional economic models of the firm accurately capture the role of the entrepreneur.

• A) I is true; II is false.
• B) I is false; II is true.
• C) Both I and II are true.
• D) Both I and II are false.

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Definitions:

Core Manufacturing Firms

Companies that are central to the manufacturing sector, producing essential goods required by various industries.

Basic Services

Essential services required to meet basic human needs, including water, sanitation, electricity, healthcare, and education.

Few Competitors

A market situation characterized by a limited number of businesses or entities providing similar products or services, often leading to less competition.

Huge Investment

The allocation of a significant amount of capital or resources into a project, asset, or venture expecting future gain.