Describe Three Attributes That Make the Internet Important to Corporations

question 11

Essay

Describe three attributes that make the Internet important to corporations.

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Definitions:

Linear Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded, characterized by a consistent negative slope.

Elastic Demand

A demand relationship in which the percentage change in quantity demanded is larger than the percentage change in price in absolute value (a demand elasticity with an absolute value greater than 1).

Long Run

The period in which all factors of production and costs can be fully adjusted, allowing for all inputs and operations to change.

Substitutes

Goods that can serve as replacements for one another; when the price of one increases, demand for the other increases.