An Example of a Smart System Is (Are)

question 34

Multiple Choice

An example of a smart system is (are)

• A)social networking sites at colleges and universities.
• B)a location-based app downloaded to a GPS-enabled smartphone.
• C)global marketing strategies that leverage advertising assets to multiple countries.
• D)real world systems.
• E)online retailers.

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Definitions:

Marginal Revenue

The additional income earned by selling one more unit of a good or service.

Normal Good

A product or service whose demand increases as consumers' income increases, typically reflecting higher purchasing power.

Profit-Maximizing

The strategy by which an organization sets the price and amount of output to achieve the maximum profitability.

Market Price

The current price at which an asset or service can be bought or sold.