A ____ Is a Shared Public File Where Anyone Can

question 18

Multiple Choice

A ____ is a shared public file where anyone can post messages and everyone is free to read the postings of others.

• A) bulletin board
• B) social network
• C) chat room
• D) Web site

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Definitions:

Production Costs

The total expenses incurred in the process of creating and manufacturing a product.

Substitution Effect

The economic principle that as the price of a good increases, consumers will replace it with cheaper alternatives, whereas if the price decreases, the good will become more preferable.

Output Effect

The effect that changes in the price level have on production due to the incentive for producers to increase supply when the price is higher.

Profit-maximizing

The method a company uses to identify the pricing and production volume that maximizes profit.