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:

Marginal Revenue

The additional income from selling one more unit of a good; it is the change in total revenue that comes from selling an additional unit.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing to buy at various prices.

Coefficient of Price Elasticity

A measure of the responsiveness of the quantity demanded of a good to a change in its price.

Demand Schedule

A table or graph showing the quantity of a product or service demanded at various prices.