Consumer Generated Media Refers to Anything Created by a Citizen

question 47

True/False

Consumer generated media refers to anything created by a citizen marketer, that is posted on the internet and spread by social media

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating the economic benefit to consumers.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive.

Underproduction

The condition where the output is less than what is economically or socially optimal.