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A _____ Is a Set of Standards, Development Tools, and Software

question 6

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A _____ is a set of standards, development tools, and software libraries that help programmers develop software solutions faster and with more consistency.


Definitions:

Perfectly Competitive Industry

An industry structure where many firms sell identical products, entry and exit are easy, and no single seller controls the market price.

Market Price

The price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information.

Inelastic Demand

Demand that responds somewhat, but not a great deal, to changes in price. Inelastic demand always has a numerical value between zero and 1.

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