Social Networking Sites Enable Businesses to Connect with Customers and Employees

question 9

True/False

Social networking sites enable businesses to connect with customers and employees, share company news, and exchange ideas.

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Definitions:

Concentration Ratio

A measurement of the market share held by the largest firms within an industry, indicating the degree of market control.

Monopolistic Competitor

A business operating in a market structure characterized by many firms selling products that are similar but not identical, allowing for significant differentiation and competition.

ATC Curve

The Average Total Cost curve in economics represents how a firm's total cost per unit of output changes with the quantity produced.

Rival Firms

Companies that compete against one another in the same industry or market for customer base and market share.