Jun Is Getting Ready to Open a Store in Her

question 10

Multiple Choice

Jun is getting ready to open a store in her home town to sell unique lamp bases and shades. What kind of computer does she need at this point?

• A) Mainframe computer
• B) Server
• C) Supercomputer
• D) Personal computer
• E) iPad

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Definitions:

Competitive Output

The level of production that firms in a perfectly competitive market produce and sell at the market price, where marginal cost equals marginal revenue.

Competitive Price

A pricing strategy where the price of a product or service is set based on the prices charged by competitors.

Tax

A compulsory financial charge or levy imposed by a government on individuals or businesses to fund public expenditures.

External Costs

Costs that are not borne by the parties involved in a transaction but rather by third parties or society as a whole.