According to the general equilibrium model, it is impossible for large quantities of goods to remain unsold for any length of time.

According to the general equilibrium model, long-term unemployment cannot exist.

According to the general eqquilibrium model, businesses cannot lose money.

General equilibrium theory disregards the role of aggressive competition in business.

General equilibrium theory accepts the existence of long-term disequilibria.

The Austrian School assumes that all economic agents are ignorant.

Entrepreneurs can make a profit by finding new ways to serve customers.

Entrepreneurship is more a matter of knowing what can be done rather than knowing exactly how to do it.

Knowledge is more important than the physical factors of production, namely land, labour and capital.

Entrepreneurs are not very good at managing companies.