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 Cost

The excess cost that arises from the production of an extra unit of a product or service.

Marginal Product

The additional output that is produced by employing one more unit of a specific input, keeping all other inputs constant.

Output Levels

Refers to the quantity of goods or services produced by a company, sector, or economy within a specific period.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one additional unit of a good varies as production increases.