A Consumer Who Is Out Shopping and Searching for a Particular

question 20

Multiple Choice

A consumer who is out shopping and searching for a particular product can find the store with the best price by using

• A)Twitter.
• B)an app released by Facebook that lets customers receive discounts for "checking in" at a store location.
• C)Instagram.
• D)an app released by The Find, where a customer can search for the product among 500,000 stores.

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Definitions:

Tickets

Documents or electronic vouchers that grant the holder permission to enter a place, travel on a vehicle, or participate in an event.

Marginal Revenue

The additional income received from selling one more unit of a good or service.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price.