Question

Technological advances have greatly reduced the costs associated with entrepreneurial businesses, including _____.

a) Labor costs
b) Marketing costs
c) Regulatory compliance costs
d) All of the above

Answer 1

Technological advances have reduced entrepreneurial business costs, including labor, marketing, and regulatory compliance, enabling low-cost solutions and streamlined processes.

Step-by-step explanation:

Technological advances have greatly reduced the costs associated with entrepreneurial businesses, including labor costs, marketing costs, and regulatory compliance costs. These reductions are apparent in various ways. For instance, technology such as automated software can decrease the need for labor in repetitive tasks, and social media platforms enable low-cost marketing and advertising strategies. Furthermore, technologies make it easier to comply with government regulations through online submissions and electronic databases, thereby lowering the costs and time needed for regulatory compliance. Therefore, the correct answer is d) All of the above.