Social Networks Are

question 10

Multiple Choice

Social networks are

• A)dating websites such as eHarmony.
• B)Internet browsers like Safari or Firefox.
• C)specific social media such as Facebook,Twitter,LinkedIn,and YouTube.
• D)the replacement for e-mail to send private digital messages.
• E)social media websites that are the high in self-disclosure but low in media richness.

Analyze the economic welfare implications of tariffs and quotas, including consumer surplus, producer surplus, and government revenue.

Describe the mechanisms and outcomes of trade policies such as tariffs, quotas, and free trade agreements.

Identify and explain the redistribution effects of trade policies on consumers, producers, and the government.

Understand how global trade organizations and agreements, such as the WTO and NAFTA, aim to reduce trade restrictions and their expected impacts.

---

Definitions:

Monopolistic Competition

An economic environment where many firms offer products or services that are similar but not perfect substitutes, leading to a scenario where each company has some market power.

Substitutable Products

Substitutable products are goods or services that can be used in place of each other by consumers due to their similar functions or characteristics.

Price Range

The spread between the highest and lowest selling price of a product or service in the market.

Pure Competition

A market structure characterized by a large number of small firms producing identical products, with no single firm able to influence the market price.