Social Networking Is the Practice of Expanding Your Business And/or

question 54

True/False

Social networking is the practice of expanding your business and/or social contacts by constructing a personal network.

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Definitions:

Substitute Good

A product or service that a consumer can use in place of another to satisfy the same need or desire.

LRMC

Long-Run Marginal Cost, which refers to the change in total production costs that comes from producing one additional unit of a good or service when all inputs are variable.

SRMC

Short-Run Marginal Cost (SRMC) is the cost to produce one additional unit of output when some inputs are fixed.

Grocery Store

A retail establishment that sells food and other household items.