The Consequences of Entrepreneurial Activity Always Include One or More

question 164

Multiple Choice

The consequences of entrepreneurial activity always include one or more of the following EXCEPT

• A) new goods.
• B) new services.
• C) new methods of production.
• D) increases in worker productivity.
• E) replacement of workers with machines.

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Definitions:

Alpha Testing

An attempt by the firm to determine whether a product will perform according to its design and whether it satisfies the need for which it was intended; occurs in the firm’s research and development (R&D) department.

Product Life Cycle

The course of a product’s sales and profits over its lifetime, involving several stages such as introduction, growth, maturity, and decline.

Maturity Stage

A phase in the product life cycle where growth stabilizes, and sales peak, often leading to increased competition and market saturation.

Product Life Cycle Concept

A framework that outlines the stages a product goes through from introduction to decline, including introduction, growth, maturity, and decline.