Motivated by his desire to operate his own business, Caleb is considering the purchase an existing business. As he carefully weights this option, he is likely to find that: A) very few owners of small businesses have any interest in selling. B)his potential for success would greatly improve if he started his own new firm. C)the value of an existing business is determined by what the business owns, what it earns, and what makes it unique. D)any entrepreneur willing to sell their business is experiencing serious financial problems.

B)his potential for success would greatly improve if he started his own new firm.

Explanation:

An entrepreneur refers to an individual who sees a need or discovers a problem in a society and innovatively proffers a solution using brilliant ideas or entrepreneurial thinking.

The following are four characteristics of an entrepreneur;

1. Innovative: it can be defined as a quality possessed by an individual or group of people such as an entrepreneur and typically involves the process of improving on an existing product or ideas.

2. Passionate: believing in a course and one's ability to achieve much more at a business.

3. Risk-Taker: he or she is confident enough to venture into risky businesses with the hope of an expected success.

4. Self-Confident: he or she is bold and believes in his or her abilities to excel.

In a society, the role of an entrepreneur is mainly focused on bringing the four (4) factors of production together and take the risks of producing output, so as to generate revenue through sales and make economic profits in the long-run.

In this scenario, Caleb is motivated by his desire to operate his own business and as such considering the purchase of an existing business. As he carefully weigh this option, he is likely to find that his potential for success would greatly improve if he started his own new firm as an entrepreneur.

answer///supply is elastic, and demand is inelastic;