Critical Thinking Questions Case 3-1

question 76

Multiple Choice

Critical Thinking Questions Case 3-1
Steve is new to image file formats, particularly for the web, and he is unsure about which format he should use for different kinds of image files.
While dealing with high resolution digital photos, Steve realizes that all of them have a very large file size. In order to reduce the file size, Steve must use a photo editor to _____ the image files.

• A)tag
• B)optimize
• C)replace
• D)restructure

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Definitions:

Duopoly

A market structure where two companies dominate the market for a particular product or service.

Joint Profits

The combined earnings or profits generated by a partnership or collaboration between two or more entities or firms.

Non-collusive Oligopolist

A firm in an oligopoly market structure that independently sets prices or output levels without engaging in explicit agreements with rivals.

Equilibrium Price

The price at which the quantity of a good or service supplied equals the quantity demanded, resulting in no surplus or shortage in the market.