The First Evolutionary Phase of E-Commerce, from 1995 to 2000

question 11

Short Answer

The first evolutionary phase of e-commerce, from 1995 to 2000, characterized as technology-driven and ungoverned, was a period of ________.

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.

Long Run

An economic term referring to a period in which all factors of production and costs are variable, allowing for full adjustment to changes in the market.

Price-taking

A market condition in which individual buyers or sellers have no influence over the market price of a product, commonly seen in perfectly competitive markets.

Perfectly Competitive Industry

A market structure characterized by many sellers offering identical products, where no single seller can influence the market price.