In the 1960s,techniques Were Developed That Allowed Individuals to Fool

question 51

Multiple Choice

In the 1960s,techniques were developed that allowed individuals to fool the phone system into providing free access to long distance phone calls.The people who use these methods are referred to as

• A)phreakers.
• B)hackers.
• C)hijackers.
• D)superzappers.

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Definitions:

Demand Curve

A graph that illustrates the relationship between the price of a good or service and the quantity demanded by consumers at various prices, typically sloping downward from left to right.

Cost Functions

Mathematical relationships that express how a firm’s costs depend on the quantity of output it produces.

Economic Profits

The surplus or profits generated by a firm after accounting for both explicit and implicit costs.

Fixed Cost

Expenses that do not change with the level of output produced, such as rent or salaries.