Nowadays,the Conventional Wisdom Is That If You Are Serious About

question 79

Multiple Choice

Nowadays,the conventional wisdom is that if you are serious about starting a business,you ought to start a business full time and prepare for it by

• A)doing a business plan.
• B)making bylaws.
• C)doing a strategic plan.
• D)creating an organizational chart.

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Definitions:

Airlines

Entities that deliver passenger and freight transportation via air.

Short Run

A period in which at least one factor of production is fixed and cannot be changed, influencing production and cost.

Long Run

A time period in economics sufficient for all markets to adjust, including those for labor and capital, with all factors of production and costs variable.

Excess Capacity

A situation in which a firm is producing at a lower scale of output than it has been designed for, often leading to inefficiency and increased costs.