Facebook Is

question 53

Multiple Choice

Facebook is:

• A) an organization based on kinship.
• B) an organization based on free association.
• C) a tool that international marketers best avoid, given the complexities of culture.
• D) a passing fad that will absorb many marketing budgets but won't produce much in the way of results.

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Definitions:

Convex Preferences

A preference structure where a consumer prefers mixtures or averages of two goods or bundles to extreme amounts of one good or bundle.

Utility Function

A mathematical representation in economics that quantifies the satisfaction or happiness an individual gains from consuming various bundles of goods and services.

Income Effect

Shifts in income for individuals or within the economy and their consequences on the volume of goods or services demanded.

Utility Function

A mathematical representation of a consumer's preference, showing the level of satisfaction or happiness derived from consuming various bundles of goods and services.