Basic Market Models
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Questions and Answers

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?

  • 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?

  • 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?

    <p>It discourages the entry of new firms with little resources</p> Signup and view all the answers

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