A Small Business Management Course at a Community College May

question 42

Multiple Choice

A small business management course at a community college may offer entrepreneurs an opportunity to

• A) meet with experienced entrepreneurs and learn from their advice.
• B) try out ideas on a computer simulation before risking real time and money.
• C) listen to a qualified instructor solve all of the problems of small business owners.
• D) be part of a group that will include angel investors.

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Definitions:

Short Run

A period in which at least one input, such as plant size or capital equipment, in the production process is fixed.

Long Run

A period in economic theory during which all inputs can be adjusted by firms, allowing them to fully adapt to changes in market conditions or to scale their operations.

Sales

The transactions or activities involved in selling goods or services in return for money or other compensation.

Fixed Costs

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, or insurance premiums.