If Tom Is Planning a New Business but Has Limited

question 57

Multiple Choice

If Tom is planning a new business but has limited time to capitalize on an opportunity the best business plan would be a ____.

• A) Comprehensive
• B) Narrative
• C) Subjective
• D) Mini-plan

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Definitions:

Deadweight Loss

The loss of economic efficiency when the equilibrium outcome is not achievable or not achieved.

Excise Tax

A tax directly levied on certain goods, such as alcohol and tobacco, by a government entity.

Transactions

The process of exchanging goods, services, or financial instruments between parties.

Demand Curve

The demand curve is a graphical representation showing how the quantity demanded of a good or service varies with its price, typically sloping downward from left to right.