Sue Bought an Expensive Audio Recorder to Complete a Project

question 36

Multiple Choice

Sue bought an expensive audio recorder to complete a project. She only uses it a few times a year, so she lists her tool online for others to use for a small fee. Sue is participating in ________.

• A) collaborative consumption
• B) crowdsourcing
• C) private ownership
• D) megabyte

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Definitions:

Expected Revenue

The predicted amount of money that a business will receive from its sales over a certain period, usually calculated by multiplying expected sales by the price of goods or services.

Probability

A numerical representation between 0 and 1 that indicates the likelihood of an event transpiring.

Reservation Price

Reservation price is the maximum price a consumer is willing to pay for a product or service.

English Auction

A common auction format where the price starts low and is bid upward, with the highest bid at the end of the auction winning.