__________ Advantage Exists When an Entrepreneur Is Able to Offer

question 48

Multiple Choice

__________ advantage exists when an entrepreneur is able to offer a product or service with unique customer value before competitors do so.

• A)First to market
• B)First-mover
• C)Market-leader
• D)Innovator

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Definitions:

Inelastic

Describing a situation where the demand for a good or service is relatively unaffected by changes in its price.

Essential Consumption

The purchase and use of goods and services that are considered necessary for basic living and well-being.

Marginal Utility

The additional satisfaction or utility that a consumer gains from consuming one more unit of a good or service.

Total Utility

The total satisfaction received from consuming a particular quantity of goods or services.