According to the Small Business Administration,the Failure Rate of New

question 27

Multiple Choice

According to the Small Business Administration,the failure rate of new businesses within the first few years is:

• A) less than 25 percent.
• B) about 70 percent.
• C) 50 percent.
• D) about 33 percent.

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Definitions:

Oligopoly

An industrial configuration in which a small group of companies exercises significant authority over market pricing and competition.

Economies of Scale

The reduction in per-unit cost as the scale of production increases, leading to greater efficiency and lower costs for large-scale producers.

Foreign Competition

The presence and impact of competitors from other countries in a domestic market, often influencing prices, market shares, and industry standards.

Oligopolistic Market

A market structure characterized by a small number of large firms that dominate the market, often leading to strategic interactions and considerations regarding pricing and production.