Advertisements
Advertisements
Question
When an entrepreneur introduces a new technique or a new product, it is called ______.
Options
Invention
Innovation
Expansion
Inspiration
Advertisements
Solution
When an entrepreneur introduces a new technique or a new product, it is called Innovation.
Explanation:
Innovation refers to introducing a new technique, product, or idea. When an entrepreneur introduces something new, whether a product or a process, it is considered an innovation. This can lead to more efficient production, new market opportunities, or improved products.
APPEARS IN
RELATED QUESTIONS
Draw a perfectly inelastic supply curve.
Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.
Explain any three factors affecting elasticity of supply.
Identify the value of elasticity of supply for the supply curve OS and S1S2.
What is the degree of elasticity of supply in the diagram?
Which of the following measures of price elasticity shows elasticity shows elastic supply?
If price elasticity of supply is greater than 1, then supply is said be elastic.
The given diagram is a case of ______ supply.
Elasticity of supply is measured by:
Identify the correct sequence of alternatives given in Column II by matching them with respective terms in Column I:
| Column I | Column II |
| A. Perfectly Inelastic | (i) Es > 1 |
| B. Perfectly Elastic | (ii) Es < 1 |
| C. Inelastic | (iii) Es = 0 |
| D. Highly Elastic | (iv) Es = infinity |
Choose the correct alternative:
With the help of a formula calculate the elasticity of supply from the following table:
| Price | Quantity supplied |
| 10 | 200 |
| 15 | 225 |
If the price of a commodity increases by 50% and its supply increases by 25% then calculate the price elasticity of supply following the percentage method. Identify the degree of price elasticity.
Indicate the degree of elasticity on the supply curve given below:
Identify and define the degree of price elasticity of supply from the diagram for the supply curves S1, S2, S3, S4.
What is meant by elasticity of supply?
If the price of a commodity falls by 10% and consequently, the quantity supplied decreases by 20%, what will be its elasticity of supply?
What do you mean by elastic supply?
Draw a straight line supply curve of the following situation.
More than unitary elastic
