ECONOMICS (CBSE/UGC NET)

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ECONOMICS

ENTREPRENEURS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of the following is NOT a way that an entrepreneur could increase the contribution margin or profit of each unit sold?
A
Increase the selling price
B
Decrease the monthly fixed expenses for the business
C
Change how the unit is defined
D
. Decrease the variable expenses per unit
Explanation: 

Detailed explanation-1: -While, an entrepreneur needs to be innovative while planning and deciding upon business activities as to fulfill the public demand but, it is not his duty to innovate new technology or products. Thus, innovation is not a function to be performed rather an essential characteristic of a successful entrepreneur.

Detailed explanation-2: -Produce or deliver your product or service to your customer faster than your competitors. Produce your product or service cheaper than your competitors, maintaining or increasing your level of quality. Offer better follow-up and support services than your competitors to go along with your product or service.

Detailed explanation-3: -The correct answer is Human resources. Economic growth means more output.

There is 1 question to complete.
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