The Telephone System Is an Example of a ________ Network

question 73

Multiple Choice

The telephone system is an example of a ________ network.

• A)peer-to-peer
• B)wireless
• C)packet-switched
• D)circuit-switched
• E)client/server

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Definitions:

Social Cost

The total cost to society, including both private costs borne by the producer and external costs borne by others, of producing a good or service.

Perfectly Competitive

A market structure characterized by a large number of buyers and sellers, all selling identical products, with no single entity able to influence the market price.

Externalities

Costs or benefits that affect a party who did not choose to incur that cost or benefit, often leading to market failure if not corrected by government intervention.

Marginal Cost

The boost in expenditure due to producing an additional unit of a product or service.