What Element Proved Lucky for Entrepreneurs Such as Bill Gates

question 42

Multiple Choice

What element proved lucky for entrepreneurs such as Bill Gates, Steve Jobs, and Paul Allen early in their careers?

• A)They were interested in computers.
• B)They were born in the same time period.
• C)They went to the same college.
• D)They joined IBM early in their careers.

---

Definitions:

Accounting Profits

The difference between total revenues and explicit costs, representing the net income a company reports on its financial statements.

Most Efficient Output

The level of production at which a firm operates with the lowest average total cost, achieving optimal efficiency.

Long Run

A period in economic analysis in which all inputs can be adjusted and no factors are fixed.

Perfect Competition

a market structure characterized by a large number of small firms, producing identical products, with no single firm able to influence the market price.