In the Reality Check Titled "Do You Have a Business

question 36

Multiple Choice

In the Reality Check titled "Do You Have a Business or a Hobby?" the primary check to determine which you have is

• A) How many employees you have
• B) Number of states you operate in
• C) Total revenue generated
• D) If you make a profit in three of the past five years

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Definitions:

Price

The amount of money that must be paid to acquire a given product or service.

Quantity Demanded

The amount of a product that buyers are willing and able to purchase at a given price.

Excess Supply

The situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Price

is the amount of money required to purchase a good or service, serving as the exchange rate between money and the good or service.