The Best Way to Describe Success Is That It Is

question 80

Multiple Choice

The best way to describe success is that it is a matter of matching up opportunities, ________, and luck.

• A)intelligence
• B)talent
• C)skill
• D)preparation

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Definitions:

Competitive Price-Taker

A firm or individual that has no control over the market price and must accept the prevailing price set by market supply and demand.

Profit

The financial gain realized when the revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Price-taker Firm

A firm that has no control over the market price and must accept the prevailing market price for its products.

Marginal Revenue

The extra revenue generated by the sale of an additional unit of a product or service.