1.What makes someone a successful entrepreneur? What characteristics are needed? In recent years who have been some of the most influential and profitable entrepreneurs?
2.Do you really think that producers take the time to calculate AFC, AVC, ATC, MC or any of the other concepts presented in this module?
3.In what ways do implicit costs actually understate the value of economic profits and what are some examples of implicit costs that business owners might have to consider?
4.Why are businesses that operate in a perfectly competitive market considered “price takers” and can you think of any examples of these “price takers”?
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