The Market Process is Competitive, Entrepreneurial.

It is in the competitive market where the entrepreneur plays a critical role. Paradoxically, as it happens, the market process is competitive because it is entrepreneurial. Market information is acquired through the experience of market participation. And entrepreneurial action is taken in response to the changes that occur in the market data, assuming that the changes are detected. So it is that prospective decisions of buyers and sellers at every step in the production process are subjected to this competitively alert scrutiny.

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