How Are Standards Such as EDI Used by Businesses

question 158

Multiple Choice

How are standards such as EDI used by businesses?

• A)to secure their network
• B)to define how data transmits across transmission media
• C)as a service for transferring funds
• D)to classify their network cable types in order to connect devices

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Definitions:

Sub-Markets

Distinct segments within a larger market, often defined by consumers' preferences, product characteristics, or geographical regions.

Dominant Firm

A company that has a large market share in an industry, allowing it to set prices or conditions under which other firms operate.

Market Equilibrium

A situation where the supply of a good or service is equal to the demand for it, resulting in stable prices.

Homogeneous Products

Goods that are perfectly identical in quality, size, and features, making them indistinguishable to consumers from multiple producers.