Managers at Next Motors, Who Work in Different Locations, Communicate

question 21

Multiple Choice

Managers at Next Motors, who work in different locations, communicate with one another over TV screens so that they can see and hear each other and can be more involved in the decision-making process. This is known as ______.

• A) voice mailing
• B) participating in a chat room
• C) e-mailing
• D) videoconferencing

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Definitions:

Monopoly

A market structure characterized by a single seller who has exclusive control over the supply of a good or service.

Perfect Price Discrimination

Occurs when a firm charges the maximum amount that buyers are willing to pay for each unit.

Consumer Surplus

The contrast between the summed value consumers intend and can afford to pay for a product or service and the actual cost they bear.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is unattainable.