In 2013, the Total Amount of B2B E-Commerce in the United

question 51

Multiple Choice

In 2013, the total amount of B2B e-commerce in the United States was approximately:

• A)$4.7 billion.
• B)$47 billion.
• C)$470 billion.
• D)$4.7 trillion.

---

Definitions:

Quantity Effect

The impact on total revenue that results from changing the quantity of goods or services sold, holding all else constant.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively defined as the percentage change in quantity demanded divided by the percentage change in price.

Long Run

A period in which all factors of production and costs are variable, allowing firms to adjust all inputs as needed.

Perfectly Elastic

A demand situation where the quantity demanded changes infinitely in response to any change in price.