Jade Puts Up a Collection of Sports Memorabilia for Bids

question 52

Multiple Choice

Jade puts up a collection of sports memorabilia for bids on BuyBay,an Internet auction site. Khalil makes the highest bid and sends the payment,which Jade receives,but she does not send the collection. This is online

• A)hacking.
• B)identity theft.
• C)phishing.
• D)cyber fraud.

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Definitions:

ATC

Average Total Cost, which represents the total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.

MR

Stands for Marginal Revenue, which is the additional income earned from selling one more unit of a good or service.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit costs and opportunity costs.

Perfectly Competitive

A market structure where many firms sell identical products, entry and exit are easy, and no single seller can influence the market price.