The Internet Is an Important Aspect of the Technological Environment

question 7

True/False

The Internet is an important aspect of the technological environment, but it isn't very useful for getting information about competitors.

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Definitions:

Profit

The financial benefit realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Organic

Organic refers to products or methods that rely on farming without the use of synthetic pesticides, fertilizers, genetically modified organisms (GMOs), or other artificial agents.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for product differentiation and some degree of market power for each firm.

Long Run

A period of time in which all factors of production and costs are variable, allowing firms to adjust fully to market conditions.