When an Entrepreneur Continues to Work on an Idea in Spite

question 95

Multiple Choice

When an entrepreneur continues to work on an idea in spite of physical or technical hindrances and succeeds in turning that idea into reality,he or she is exemplifying the entrepreneurial characteristic:

• A)vision.
• B)internal locus of control.
• C)creativity.
• D)tolerance for ambiguity.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in market stability.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Tax

A compulsory financial charge or other levy imposed by a government to fund public expenditures.

Demand Function

A mathematical representation showing the relationship between the quantity demanded of a good and its price, along with other factors affecting demand.