Entrepreneurs Learn That There Are Many Legal and Financial Issues

question 77

Multiple Choice

Entrepreneurs learn that there are many legal and financial issues involved in starting their business.The best way for the small business owner to resolve these issues and protect the firm's resources is:

• A)for the owners)to trust his/her common sense.
• B)to hire a full-time lawyer and accountant who work exclusively for the small business.
• C)defer making decisions regarding these issues until the company is bigger.
• D)seek and pay for expert guidance and assistance.

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Definitions:

Market Price

The current value at which an asset or service can be bought or sold in the open market.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price, at a given time.

Quantity Supplied

The amount of a good that producers are willing and able to sell at a given price over a specified period of time.

Surplus

A surplus of goods or services available compared to the demand, typically resulting in lower prices.