What Is a Value-Added Network

question 51

Multiple Choice

What is a value-added network?

• A) Are natural parts of the Earth's environment that can be used as physical paths to carry electrical signals.
• B) A way to use the public telecommunication infrastructure (e.g., Internet) to provide secure access to an organization's network.
• C) A private network, provided by a third party, for exchanging information through a high capacity connection.
• D) Refers to a type of cable composed of four (or more) copper wires twisted around each other within a plastic sheath.

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Definitions:

Equilibrium Wage

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in the market.

Perfectly Competitive

A market structure characterized by a large number of small firms, homogeneous products, and free entry and exit, leading to price taking behavior.

Labor Market

A marketplace or environment where workers seek employment and employers seek to hire workers, based on wage rates, demand, and supply of labor.

Economic Rent

A payment to a factor of production (such as land, labor, or capital) in excess of what is necessary to keep that factor in its current use.