Competition and Accountability in Entrepreneurship
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Questions and Answers

What concept can greatly enhance the ability to understand the real-world behavior of decision-makers?

  • Perfect competition
  • Opportunity cost (correct)
  • Supply and demand
  • Elasticity of demand

    • According to the provided text, which decision-making principle is highlighted as crucial for individuals, businesses, and society?

  • Decisions made at the margins (correct)
  • Scarcity
  • Perfect competition
  • Barter economy

    • In the context of decision-making, what is meant by 'marginal'?

  • The additional benefits or costs of a decision (correct)
  • The total benefits of a decision
  • The sunk cost of a decision
  • The opportunity cost of a decision

    • Which economic concept suggests that resources should be allocated only when marginal benefits exceed marginal costs?

    <p>Efficiency at the margin</p> Signup and view all the answers

    What is the key criterion for undertaking actions according to the text?

    <p>Generating more benefits than costs</p> Signup and view all the answers

    Which term is used as a substitute for 'marginal' in decision-making contexts?

    <p>Additional</p> Signup and view all the answers

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