Adam Has Contracted with About a Third of the Dozens

question 47

Multiple Choice

Adam has contracted with about a third of the dozens of artisans in his town in the mountains of South Carolina.His reputation has grown;he now believes the sky's the limit for this web page design and maintenance business.What kind of small business does Adam have?

• A)lifestyle business
• B)microbusiness
• C)high-potential venture
• D)attractive small firm

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Definitions:

Market

Any structured system or venue where parties engage in exchange of goods, services, or information.

Price Ceiling

A legally established maximum price that can be charged for a good or service, intended to protect consumers from high prices.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price.

Government

A system or group of people governing an organized community, often a state.