Dotsandlines

question 55

Multiple Choice

Dotsandlines.com,a website that sells art,craft,and photographs,tracks the photographs and art pieces a person orders,compares them to purchases of others,and recommends some of the items available that he/she may like.This implies that the website is using _____.

• A)collaborative filtering
• B)rules-based personalization
• C)customization
• D)disintermediation

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Definitions:

Purely Competitive

A market structure characterized by a large number of small firms, free entry and exit, homogeneity of products, and perfect information that leads to the price being dictated by the market.

Monopolistic Firms

Firms operating in a market structure with many competitors that sell differentiated products.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the goods' sensitivity to price changes.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to buy at various prices.