An Entrepreneur Has a Website Where Customers Think They Are

question 43

Multiple Choice

An entrepreneur has a website where customers think they are interfacing with his actual product but it is actually the entrepreneur behind the scenes who is manually providing the service.This is called the ______ test.

• A)landing page
• B)wizard of Oz
• C)button to nowhere
• D)storyboard

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Definitions:

Elasticities

Measures of how much the quantity demanded or supplied of a good responds to changes in prices, income, or other factors.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various price levels at a given point in time.

Supply

The total amount of a specific good or service available for purchase at any given price level, influenced by costs, technological innovations, and other factors.

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable.