One of the First Things an Entrepreneur Does Is Look

question 71

True/False

One of the first things an entrepreneur does is look for potential opportunities in the marketplace.

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Definitions:

Technology 2

Refers to the application of scientific knowledge for practical purposes, especially in industry, often implying the use of newer or second generation technologies.

Long-Run Cost Function

A mathematical relationship expressing the lowest cost at which a firm can produce any given level of output in the long run, when all input factors are variable.

Output

The total amount of goods or services produced by a company, industry, or economic system.

Price

The amount of money required to purchase a good or service, set by the interplay of supply and demand forces in the market.