While There Are Numerous Advantages to Buying an Existing Business,there

question 53

True/False

While there are numerous advantages to buying an existing business,there are also some disadvantages,like the previous owner having created ill will rather than goodwill with customers and suppliers.

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Definitions:

Demand and Supply Curves

Graphs used in economics to illustrate the relationship between how much of a good or service is desired by buyers (demand) and how much is available from suppliers (supply) at various prices.

Product Market

A market in which products are sold by firms and bought by households.

Equilibrium

A state in which market supply and demand balance each other, and, as a result, prices become stable.

Supply Curves

Graphical representations showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing to offer for sale.