In case of competition,the entrepreneurial task is to find a way to direct the arena of competition toward the areas where a new venture is at a competitive disadvantage.

​The hidden-cost fallacy occurs when

A) ​A firm considers irrelevant costs
B) A firm ignores relevant costs
C) A firm considers overhead or depreciation costs to make short-run decisions
D) ​Both a and c

______ refers to how passively or aggressively the businesses within an industry compete with each other.

A) Threat of substitute products or services
B) Threat of new entrants
C) Degree of rivalry among existing competitors
D) Degree of external competition

At his quarterly meeting, the sales rep met with his sales manager to discuss the next quarter and set the sales target.They both agreed on a number.This is the sales rep's ________ goal for the quarter.

When a firm pools its resources with that of a local firm to enter a new market, they create a(n)

A) franchise.
B) export promotion.
C) joint venture.
D) direct investment.
E) strategic alliance.

Interests may be process-based and relationship-based.