The First Screen Feasibility Analysis Template Included in Chapter 3

question 31

Multiple Choice

The First Screen feasibility analysis template included in Chapter 3 is called "First Screen" because ________.

• A) it is the first feasibility analysis template created
• B) it is the first and most important step in the opportunity recognition process
• C) it is the first step in a sequence of several steps that must be completed before a business idea is deemed to be feasible
• D) feasibility analysis is an entrepreneur's initial or first pass at determining the feasibility of a business idea
• E) it is the first of several "screens" that a business idea must pass through before it is considered to be feasible

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Definitions:

Pareto Efficient

An economic state where it is impossible to make any one individual better off without making at least one individual worse off.

Initial Endowment

The set of resources or assets that agents possess at the start of an economic analysis or experiment.

Pareto Optimal

A scenario in resource distribution where enhancing the welfare of a single person would lead to a detriment to another person.

Utility Function

A mathematical representation that ranks an individual's preferences for various outcomes, reflecting the level of satisfaction or happiness that different bundles of goods and services provide to the individual.