Jim Smith made his fortune by buying and selling real estate. Which of the following theories on the source of profits best describes the reason behind his success?
A) Uncertainty is a source of profits.
B) Profit is the reward for alertness to arbitrage opportunities.
C) Profit is the return to the entrepreneur as innovator.
D) Land is always a source of economic rent and profit.
E) If one works hard enough, one will be rewarded.
Correct Answer:
Verified
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