Answer: A) Prototype
Explanation:
The first model shown to entrepenuers are called prototypes
proto- before
Answer:
c
Explanation:
because he has to do a little of eveything
Answer: A. Developing a product that is easy to use and meets a customer’s needs.
Answer:
(i)New firms will enter the market.
(iii)In the long run, all firms will be producing at their efficient scale
Explanation:
A perfect competition is characterised by many buyers and sellers of homogenous goods and services. Market price is set by the forces of demand and supply.
If firms are earning positive profits, in the long run new firms would enter into the industry and this woold drive positive profits to zero. As a result , firms would be operating at the efficient scale.
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