IT's Capability to Add Growing Amounts of Data into Our

question 66

Multiple Choice

IT's capability to add growing amounts of data into our lives can exceed our capacity to keep up with the data, leading to __________.

• A) Digital divide
• B) Net neutrality
• C) Large carbon footprint
• D) Information overload

Identify the characteristics and outcomes of long-run equilibrium in monopolistic competition, including the zero economic profit condition.

Explain the concept of excess capacity in monopolistically competitive markets.

Describe the impact of changes in market demand on prices, output, and profits in the short and long run.

Understand the relationship between price, average total cost, and marginal cost in determining a firm’s economic profits or losses.

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Definitions:

The Enlightenment

A philosophical movement in the 17th and 18th centuries emphasizing reason, individualism, and skepticism of traditional doctrines.

Rational

Pertaining to the quality of being based on, or in accordance with, reason or logic.

Western Philosophy

A philosophical tradition originating in the Western world, broadly encompassing the philosophy of ancient Greece and Rome, medieval European philosophy, and modern Western thought.

Cognitive Dissonance

State of psychological tension produced by simultaneously having two opposing cognitions. People are motivated to reduce the tension, often by changing or rejecting one of the cognitions. Festinger proposed that we seek harmony in our attitudes, beliefs and behaviours and try to reduce tension from inconsistency among these elements.