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Clock
30 minutes
High School - College
18 classes this year
Subjects: AP Economics Economics
Topic: Markets and Prices

If companies always try to maximize profits, why are so many social media sites free to use? Learn how these platforms operate, as well as what positive and negative “network effects” are at play, in this May 2023 issue of Page One Economics.

View Voluntary National Content Standards in Economics

Content Standard 9: Competition and Market Structure

Benchmark: Grade 8

1. Sellers compete on the basis of price, product quality, customer service, product design and variety, and advertising.

Benchmark: Grade 12

5. The introduction of new products and production methods is an important form of competition and is a source of technological progress and economic growth.

Content Standard 14: Entrepreneurship

Benchmark: Grade 8

3. Entrepreneurs (as well as other sellers) earn profits when the revenues they receive from selling the product they sell are greater than the costs of production.

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