Because the Small Business Owner Needs to Rely Heavily on an Insurance

question 103

True/False

Because the small business owner needs to rely heavily on an insurance agent for advice, risk management and insurance management are synonymous.

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Definitions:

Surplus

An excess of supply over demand in a market, leading to lower prices or unused stock.

Price Control

Government-imposed limits on the prices that can be charged for goods and services in the market, to protect consumers and prevent market abuse.

Legal Restriction

A regulatory measure that limits or controls certain actions within a legal framework.

Market Price

The current price at which an asset or service can be bought or sold in a marketplace.