Who Is the Product Since Social Media Is Free

question 37

Multiple Choice

Who is the product since social media is free?

• A) You
• B) Video ads
• C) There is no product in social media.
• D) Companies

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus the amount they actually receive in the market.

Equilibrium Price

The equilibrium price is the price at which the quantity of a good or service demanded equals the quantity supplied, leading to market balance.

Consumer Surplus

The contrast between the full amount consumers are willing to disburse for a product or service and the actual disbursement.

Price Floor

A government-imposed minimum price that can be charged for a good or service, intended to prevent prices from dropping too low.