One of the Ways Entrepreneurs Achieve Success Is by Using

question 65

Multiple Choice

One of the ways entrepreneurs achieve success is by using resources more efficiently.This is an example of how entrepreneurs use a(n) ________ strategy.

• A) imitative
• B) low-cost leader
• C) differentiation
• D) combination

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Definitions:

Variable Expenses

Costs that fluctuate with changes in production volume or business activity levels, such as raw materials and sales commissions.

Selling Costs

Expenses incurred directly and indirectly from the sale of products or services, such as advertising and sales personnel salaries.

Maximum Price

The highest price that a buyer is willing to pay or that a seller is willing to accept for a good or service.

Pump Division

A specialized business segment within a company that focuses on the development, manufacturing, and sales of pumps and related products.