Which of the Following Statements Is Incorrect Regarding the Personal

question 55

Multiple Choice

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

• A) Some people think that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss.
• B) The extent and depth of an individual's social network affects opportunity recognition.
• C) Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry.
• D) Creativity is the process of generating novel or useful ideas.
• E) The corridor principle states that once an entrepreneur starts a firm, he or she begins a journey down a path where "corridors" leading to new venture opportunities become apparent.

Explain the role of fairness and equity in motivation according to Equity Theory.

Know the criticisms and limitations of Maslow's hierarchy of needs theory.

Grasp the concept of goal-setting theory and its effectiveness in motivation.

Understand the significance of organizational justice and its types in the workplace.

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Definitions:

Public Utilities

Entities that provide essential services to the public, such as water, electricity, and natural gas, often under government regulation.

Natural Monopolies

Industries where a single firm can supply the entire market at a lower cost than if there were multiple firms, often due to high fixed costs.

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 what would be possible if there were multiple firms.

Economies Of Scale

The cost advantage that arises with increased output of a product, as fixed costs are spread out over more units of production.