Electronic Retailing Is Selling Goods and Services Over the Internet

question 18

True/False

Electronic retailing is selling goods and services over the Internet to the final consumer.

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Definitions:

Marginal Utility

The increase in satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Total Utility

The complete fulfillment derived from the consumption of a specific amount of products or services.

Utility-Maximizing

The economic principle where individuals or entities choose to allocate their resources in a way that maximizes their satisfaction or utility.

Marginal Utility-To-Price Ratio

A measure of the additional satisfaction gained from consuming one more unit of a good or service relative to its cost.