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A company is running a web application with On-Demand Amazon EC2 instances in Auto Scaling groups that scale dynamically based on custom metrics. After extensive testing, the company determines that the m5.2xlarge instance size is optimal for the workload. Application data is stored in db.r4.4xiarge Amazon RDS instances that are confirmed to be optimal. The traffic to the web application spikes randomly during the day. What other cost-optimization methods should the company implement to further reduce costs without impacting the reliability of the application?
Imperfectly Competitive
Describes markets where individual sellers have some control over the prices due to lack of perfect competition, includes monopolistic competition, oligopoly, and monopoly markets.
Perfectly Competitive Market
A theoretical market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to an efficient allocation of resources.
Resource Demand
The need for resources by businesses or the economy to produce goods and services.
Imperfectly Competitive
describes markets where individual sellers have some control over the price of their products due to lack of perfect competition.
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