Being Your Own Boss Means

question 142

Multiple Choice

Being your own boss means:

• A)Reducing your working hours.
• B)Having the freedom to set your own working hours and taking lots of vacations,particularly when just beginning the business.
• C)Accepting accountability for the mistakes of the business.
• D)Having limited financial resources to throw into the business.

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Definitions:

Profit-Maximizing Output

The level of production at which a company can achieve the highest profit, where marginal revenue equals marginal cost.

Total Revenue

The total amount of money generated by the sale of goods or services related to the company's primary operations.

Market Price

The market price at which commodities or services are currently being traded.

Industry Short-Run Supply Curve

A curve that shows the quantity of a good that producers are willing and able to supply at different prices in the short term.