COGNITIVE ASSESSMENT Which of the Following Best Describes Vertical Market

question 14

Multiple Choice

COGNITIVE ASSESSMENT Which of the following best describes vertical market software?

• A) customizable software with different pricing options depending on which options are chosen
• B) software designed for a particular business or industry, such as hospitals or banks
• C) software whose value increases over time as an organization increases its reliance on it and enters more data
• D) prewritten software that meets the needs of many different types of users

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Definitions:

Short Run

A timeframe in economic terms where firms can adjust production levels only by changing variable inputs, with fixed inputs remaining constant.

Long Run

In economics, a period during which all factors of production and costs are variable, allowing for full industry adjustment to change.

Lowest Price

The minimum price at which a product or service is offered in the market.

Short Run

A period in economic theory during which at least one input is fixed while others are variable.