Carlos Routinely Bids on Contracts Even Though Most of the Other

question 31

Multiple Choice

Carlos routinely bids on contracts even though most of the other bidders are extremely large firms.Carlos believes his company offers better service at lower prices.Which of the following personality traits,common in entrepreneurs,does Carlos exhibit?

• A)Creativity
• B)Tolerance for failure
• C)High energy level
• D)Self-confidence

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Definitions:

Warranty

A promise or guarantee made by a seller to a buyer to repair or replace a product that is found to be defective within a specified period.

Credible Threat

A strategy or warning that is believable and likely to be carried out in a strategic situation.

Stackelberg Firm

A business that is considered a leader in a market, setting prices or quantities that followers in the market then respond to.

Incentive

A motivation or reward offered to encourage specific behaviors or actions, often used in business, economics, and psychology.