In What Way Are Traditional and Social Media Similar

question 95

Multiple Choice

In what way are traditional and social media similar?

• A) They both require specialized training.
• B) They both rely upon contributions from established "experts" to create credibility and social authority.
• C) They both can reach either large or niche audiences.
• D) They both are relatively inexpensive or free to produce.
• E) They both produce content that can be altered after posting or publication.

---

Definitions:

Entry Barriers

Obstacles that make it difficult for new competitors to enter a market, which can include high startup costs, regulatory requirements, and strong brand loyalty among existing customers.

Dominant Firms

Companies that have a major share of sales in a particular market, giving them significant power over the market price.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, allowing for competition based on quality, price, and marketing.

Large Number

In economics, it often refers to a market condition where there are many buyers and sellers, leading to competitive prices.