Emerging Digital Technologies Are Allowing Consumers to Have More Power

question 106

Multiple Choice

Emerging digital technologies are allowing consumers to have more power than ever before. This means that now customers ________.

• A) are required to buy goods and services from local vendors
• B) are limited in the time of day that they are able to buy products
• C) can locate the best prices for products or services
• D) are more limited in the range of products that they can purchase
• E) are forced to acquire used items through middlemen instead of directly from the original owner

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Definitions:

Excise Tax

A tax levied on specific goods, services, or transactions, often aimed at discouraging their use or raising revenue.

Relative Burden

A measure of the comparative impact or weight of a specific demand, typically financial, on different entities or groups.

Elastic Supply

Refers to a situation where the quantity of a good supplied by producers changes significantly in response to a change in price.

Elasticities

A measure in economics that shows how much the quantity demanded or supplied of a good responds to changes in price, income, or other factors.