During the First Step of the Planning Phase of an Entrepreneurial

question 10

Multiple Choice

During the first step of the planning phase of an entrepreneurial venture, this is accomplished.

• A)selecting a legal business organization form
• B)stating a mission
• C)selecting an organizational design
• D)performing a copyright search

Grasping perceptions towards prototypical and non-prototypical leaders.

Acknowledging gender biases in leadership evaluation and opportunities.

Identifying misconceptions about leadership abilities and the influence of fixed traits versus situational factors.

Understand the principles of opportunity cost and specialization in productivity.

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Definitions:

Long-run Profits

The potential earnings of a business over a period long enough for all inputs to be adjusted, considering the firm's ability to enter or exit markets.

Factor Price

The price at which factors of production (land, labor, capital) are bought and sold.

Production Function

A mathematical model that describes the relationship between inputs used in production and the resulting output.

Profit-maximizing

The process or strategy of adjusting production and operations to achieve the highest possible profit under given conditions.