A Group of Teenagers in the Same Neighborhood Start a Website

question 2

Multiple Choice

A group of teenagers in the same neighborhood start a website that is a database of popular music. Users can go and add, edit, or delete content regarding their favorite music to help keep the website up-to-date. This type of new media is known as

• A) a social networking site.
• B) a wiki.
• C) a commercial website.
• D) stealth advertising.

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Definitions:

Barriers To Entry

Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter and operate in a market.

Price Discrimination

A strategy where a provider sells identical or similar goods or services at varied prices in diverse markets.

Efficient Output

The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing resource use without waste.

Market Price

The current price at which an asset or service can be bought or sold in a particular market.