Most System Flowcharting Symbols

question 26

Multiple Choice

Most system flowcharting symbols:

• A)Have not been standardized
• B)Have been standardized by the Society of System Analysts
• C)Have been standardized by the National Bureau of Standards
• D)Are unique to the organization that uses them

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Definitions:

Market

A place or scenario where buyers and sellers interact to trade goods, services, or information, often regulated by supply and demand.

Imperfect Competition

A market structure where the conditions necessary for perfect competition are not satisfied, characterized by factors like different products and barriers to entry.

Market Power

The ability of a firm or group of firms to influence the price of a good or service in the market, often through controlling supply, demand, or both.

Inefficiency

Occurs when resources are not used in the most effective way, resulting in wasted resources or lost opportunities, often identified in markets with monopolies or restrictive trade practices.