When Nobel Laureate Sir John Hicks Made the Statement That

question 102

Multiple Choice

When Nobel Laureate Sir John Hicks made the statement that: 'The best of all monopoly profit is a quiet life', he meant:

• A) that monopolists often have a very low profile.
• B) that earning monopoly profits allow people to retire early.
• C) that monopolists are free from competition and so are not forced to innovate to survive.
• D) that monopolists always earn economic profits.

Comprehend the global growth and relevance of entrepreneurship.

Acknowledge the importance of resilience and adaptability in entrepreneurship.

Recognize the significance of financial management and planning for entrepreneurs.

Understand the role of education and research in supporting entrepreneurship.

---

Definitions:

Balancing

The process of maintaining equilibrium or stability within operations, finances, or strategies of an organization.

Entrepreneurial Process

The sequence of steps an entrepreneur follows from conceptualizing a business idea to launching and growing a new business.

Opportunity

A set of circumstances that makes it possible to do something, especially to start a new business or launch a new product.

Timmons Model

A model of entrepreneurship that emphasizes the importance of opportunity, team, and resources, and how they are balanced and fit together.