The Internet

question 60

Multiple Choice

The Internet

• A) was developed entirely within the private market.
• B) began as a commercial enterprise, but was later controlled by government.
• C) was stolen from the Soviet Union during the Cold War.
• D) descended directly from U.S. Defense Department programs.
• E) None of the above.

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Definitions:

Imperfect Competitor

A market participant that cannot dictate the market prices but can influence them through its product or service differentiation.

Wage Rate

The standard amount of compensation given to employees for their labor, typically expressed as an hourly, daily, or piece rate.

Perfect Competitor

A market situation where many small firms produce identical products, allowing them free entry and exit from the market, leading to price takers.

Imperfect Competitor

A company or entity in a market structure that does not meet the criteria of perfect competition, often having some control over market prices.