Question

4- Which entrepreneurs will succeed in a market economy? Select one: a. Entrepreneurs that can best...

4- Which entrepreneurs will succeed in a market economy?

Select one:

a. Entrepreneurs that can best predict shifts in consumer preferences, and the responses of other businesses, and are thus able to engage in the most profitable activities.

b. Entrepreneurs that are best skilled in taking advantage of the consumers, and are thus able to charge higher prices.

c. Entrepreneurs that have the most capacity to borrow money and thus survive tough times.

d. Entrepreneurs that pay the lowest wages to their employees, and thus have the lowest cost.

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Answer #1

Answer is a. Entreneur that can best predict shifts in consumer preferences and the responses of other businesses and are thus able to engage in most profitable activities.

Explanation:

The Succesful entrepreneur is one who ca see the changes in market demand of his product and changes in consumer preferences regarding the product. The one who can adjust their production according the changing preferences of the cconsumer is most succesful after taking care of strategies being undertaken by the competitors.

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