An Error of Omission Occurs When an Entrepreneur

question 24

Multiple Choice

An error of omission occurs when an entrepreneur: 

• A) enters a market but overestimates the customer demand.
• B) develops a product for a market that is too narrow.
• C) decides not to enter a market that is, in fact, desirable.
• D) fails to understand the limitations of a market.

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Definitions:

Life Estate

A legal interest in real property that lasts for the lifetime of a specified individual, after which the interest typically reverts to another designated party.

Survival Clause

A contract provision that remains effective after the termination of the contract, covering aspects such as confidentiality and dispute resolution.

Evicted

The legal process by which a tenant is expelled from rented property, usually due to violation of a lease agreement.

Rent

Rent is a payment made by a tenant to a landlord in exchange for the use of a property, such as a house, apartment, or commercial space, for a specified time.