The Internet Has Made It _______ for Firms to Gather

question 43

Multiple Choice

The Internet has made it _______ for firms to gather, assimilate, and evaluate information.

• A) easier
• B) harder
• C) more expensive
• D) less clear-cut
• E) more time-consuming

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Definitions:

Efficient

The optimal use of resources to achieve the desired output with minimal waste, or achieving a goal in the most cost-effective way.

MSB = MSC

A condition where the Marginal Social Benefit of consuming a good equals the Marginal Social Cost of producing it, representing an optimal allocation of resources.

Public Park

A plot of land, usually owned by a government, open to the public for recreation and relaxation, without an entrance fee.

Positive Externality

A benefit received by third parties not directly involved in an economic transaction, like the environmental benefits from a public park.