This Type of Highly Integrated IT System Incorporates Electronic Processing

question 85

Multiple Choice

This type of highly integrated IT system incorporates electronic processing of sales-related activities and, generally, the sales processes are transacted over the internet.

• A)E-commerce
• B)Virtual commerce
• C)Electronic data interchange
• D)Point of sale

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Definitions:

MRS

Marginal Rate of Substitution, the rate at which a consumer is ready to exchange quantities of one good for another good while maintaining the same level of utility.

MRT

MRT, or Marginal Rate of Technical Substitution, measures the rate at which one input can be reduced per additional unit of another input, keeping output constant.

Excess Demand

Occurs when the quantity demanded of a good or service at a particular price exceeds the quantity supplied, leading to upward pressure on prices.

Excess Supply

The situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.