Entrepreneurs in Purely Competitive Industries

question 25

Multiple Choice

Entrepreneurs in purely competitive industries

• A) have no incentive to innovate because in the long run they will earn no economic profits.
• B) innovate to lower operating costs and generate short-run economic profits.
• C) utilize pricing strategies to generate short-run economic profits.
• D) rarely try to innovate because of a lack of financial resources.

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Definitions:

Direct to Consumer Releases

Direct to Consumer Releases are marketing or product distribution strategies that bypass intermediaries, delivering products or services directly from the manufacturer to the consumer.

News Releases

Official statements issued to the media to announce something of interest.

Letters of Condolence

Written expressions of sympathy towards someone who has experienced loss or suffering.

Coworkers

are individuals who work together in the same organization or on the same team, often sharing tasks or goals.