The Segment of "Necessity Entrepreneurs" Includes a Range of People

question 104

True/False

The segment of "necessity entrepreneurs" includes a range of people, from middle-aged workers who were laid off from corporate jobs, to new immigrants with limited English and heavy accents, to those who experience discrimination in the standard workplace.

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Definitions:

Long-run Equilibrium

A state in an economy or market where all factors of production and economic variables are balanced, and there are no external pressures forcing change.

MR = MC

The condition under which profit is maximized, where marginal revenue equals marginal cost.

P > MC

Indicates a situation where the price of a good is greater than the marginal cost of producing it, suggesting a potential for profit.

Monopolistically Competitive

A market structure characterized by many sellers offering differentiated products, leading to some degree of market power but still allowing for competition.