Technological Advances Like the World Wide Web and the Internet

question 56

True/False

Technological advances like the World Wide Web and the Internet are leading to big advances in business.

---

Definitions:

Price Ceiling

A maximum legal price above which a product cannot be sold; to have an impact, a price ceiling must be set below the equilibrium price.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.

Shortage

A market condition characterized by the demand for a product exceeding its supply, often leading to increased prices.

Equilibrium Price

The price at which the quantity of a product offered for sale matches the quantity being demanded, resulting in no net surplus or shortage in the market.