Over Ninety-Five Percent of All New Businesses That Open Each

question 169

Multiple Choice

Over ninety-five percent of all new businesses that open each year in the United States employ ________ workers.

• A)only one or two
• B)fewer than 20
• C)50 or more
• D)over 100

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Definitions:

Consumer Surplus

The difference in the total cost consumers are prepared and financially able to cover for a good or service, against the total cost they actually cover.

Minimum Price

The lowest possible price at which a product or service can be sold, often set by government regulations to protect producers or consumers.

Market Equilibrium

A situation in which the supply of an item is exactly equal to its demand, leading to a stable market price.

Consumer Surplus

The discrepancy between the aggregate amount buyers are willing and capable of paying for a good or service versus what they really pay.