If profit-seeking entrepreneurs are going to be successful, they must
A) produce a product that the consumers value more than the resources required for its production.
B) produce the product more cheaply than their rivals regardless of quality.
C) maximize the salaries of high-level management so they will be able to attract people who will work hard.
D) charge a higher price than their competitors so they can make economic profits in the long run.

Question

Quizplus · Accepted Answer

Entrepreneurs must create value by producing goods or services that consumers value more than the cost of the resources used, ensuring demand and profitability.

If Profit-Seeking Entrepreneurs Are Going to Be Successful, They Must