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Questions and Answers
What refers to the type of market in which firms operate?
What refers to the type of market in which firms operate?
- Economic constraints
- Market structure (correct)
- Technological constraints
- Market constraint
In which type of market are there higher number of firms with identical products, making it more competitive?
In which type of market are there higher number of firms with identical products, making it more competitive?
- Oligopoly
- Monopoly
- Perfect competition (correct)
- Monopolistic competition
What mechanism and structure system are used to achieve performance on the (re-)allocation of resources, and the production and distribution of goods and services?
What mechanism and structure system are used to achieve performance on the (re-)allocation of resources, and the production and distribution of goods and services?
- Market economy (correct)
- Technological constraints
- Centrally planned economic system
- Traditional economic system
What are the 3 constraints faced by every firm in its actions?
What are the 3 constraints faced by every firm in its actions?
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What determines the relationship between the market demand curve for the product and the demand curve facing each firm in the market?
What determines the relationship between the market demand curve for the product and the demand curve facing each firm in the market?
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