Practice Quiz

CLEP Economics Exam Prep

Category - Economics

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An entrepreneur is considering spending money on research to develop a more efficient way to produce a product. What is the most important factor in the decision on whether or not to spend this money?
  1. The size of the plant needed to produce the product
  2. The number of competitors producing a similar product
  3. The increase in profit expected from producing the product
  4. The degree to which consumers consider the product a necessity
Explanation
Answer: C - The increase in profit expected from producing the product.
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