As Technology,globalization,and Industry Interdependence Increase,the Differences Between Goods and Services

question 42

True/False

As technology,globalization,and industry interdependence increase,the differences between goods and services are becoming more pronounced.

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Definitions:

Demand Curve

A diagram that illustrates the connection between a product's price and the amount of the product that buyers are prepared and capable of buying at different price levels.

Economic Profit

The difference between the total revenue earned by a business and the total costs (both explicit and implicit) of all resources used.

Excess Profit

Profit earned by a firm that exceeds the normal level of profit in its industry, often due to monopolistic power or a lack of competition.

Economic Profit

The difference between the total revenue earned from production and the total costs (including both explicit and implicit costs) involved in the creation of that production.