The Internet and Global Competition

question 71

Multiple Choice

The Internet and global competition:

• A) Have not changed pricing practices
• B) Have increased the use of market-based pricing
• C) Do not provide more information about prices
• D) Have increased the use of cost-based pricing

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Definitions:

Resource

Anything, such as land, labor, and capital, that can be used to produce something else; includes natural resources (from the physical environment) and human resources (labor, skill, intelligence).

Circular-Flow Diagram

A visual model that depicts how goods, services, and money move through an economy, illustrating the interactions between households and firms.

Sector

A distinct subset of a market, economy, or field of operation, often categorized by similar characteristics or types of economic activity.

Services

Intangible activities or benefits that are typically provided to satisfy the needs or wants of consumers or businesses.