Consumer Use of Mobile Devices and Social Media-While Browsing,comparison Shopping,and

question 96

True/False

Consumer use of mobile devices and social media-while browsing,comparison shopping,and making a purchase-limits retailers from accessing useful information about their customers and provides retailers no concrete way to appeal to shoppers.

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Definitions:

Diminishing Marginal Returns

A principle stating that if one factor of production is increased while others are kept constant, the resulting increase in output will eventually decline.

Short-Run Average Total Cost (ATC)

The total cost per unit of output in the short run, where some factors of production are fixed.

Profit-Maximizing Level

The output level at which a firm achieves the highest profit, where marginal revenue equals marginal cost.

Average Total Costs (ATC)

A rephrasing of Average Total Cost, it calculates the per-unit production cost by dividing the total cost by the total quantity of goods produced.