________ Knowledge Refers to the Entrepreneur's Possession of Information,technology,know-How,and Skills

question 39

Multiple Choice

________ knowledge refers to the entrepreneur's possession of information,technology,know-how,and skills that provide insight into the industry and customers. 

• A) Technological
• B) Resource
• C) Opportunity
• D) Market

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Definitions:

Market Prices

The current prices at which goods and services can be bought or sold in a marketplace, determined by supply and demand forces.

Price-Taker Market

A market situation where individual sellers or buyers have no power to influence the price of a product due to the product's standardized nature and the presence of many participants.

Long Run

A period of time in which all factors of production and costs are variable, allowing firms the flexibility to adjust all inputs.

Average Cost

The total cost of production divided by the number of goods produced, serving as a measure of cost efficiency in production.