An Opportunity Has Four Essential Qualities: It Is (1) Rare

question 54

True/False

An opportunity has four essential qualities: it is (1) rare, (2) attractive, (3) timely, and (4) resilient.

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Definitions:

Marginal Costs

The additonal cost incurred by producing one more unit of a product or service.

Elasticity of Demand

The elasticity of demand measures how responsive the quantity demanded of a good or service is to a change in its price, indicating the sensitivity of consumers to price changes.

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider in different markets or to different customers.

Natural Monopoly

A market condition in which a single firm can supply a product or service to an entire market at a lower cost than could two or more firms, often due to economies of scale.