Consumers Have More Power Today Than Ever Before,as Seen Through

question 9

True/False

Consumers have more power today than ever before,as seen through their use of "intelligent agents" to locate the best prices for products and services.

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Definitions:

Labor

The human effort, physical or mental, used in the production of goods and services.

Marginal Product

The additional output resulting from one more unit of a given input, holding all other inputs constant.

Total Output

The total amount of goods and services produced by an economy or firm in a specific period.

Total Revenue

The total amount of money generated by a firm from selling its goods or services before any costs or expenses are subtracted.