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Questions and Answers
What does a market need to exist, according to the text?
What does a market need to exist, according to the text?
- Quality goods, better substitutes, and business policies
- Buyers, sellers, and a venue for exchange (correct)
- Producers, sellers, and government regulations
- Technology, government laws, and economic freedom
How does the concentration of businesses within an industry affect market structure?
How does the concentration of businesses within an industry affect market structure?
- It encourages the entry of new firms with little resources
- It has no impact on the market structure
- It influences how producers control supply and pricing strategies (correct)
- It determines how government laws and policies are enforced
What strongly affects the operations of business firms according to the text?
What strongly affects the operations of business firms according to the text?
- Technological advancements
- Government laws and policies (correct)
- Business policies and practices
- Economic freedom and freedom of movements
How can the presence of giant firms impact the entry of new firms?
How can the presence of giant firms impact the entry of new firms?
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