Economics Chapter 6: Market Standards Quiz
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Questions and Answers

What is the primary function of a market standard?

  • To regulate the quantity of goods produced
  • To ensure fair competition among market players (correct)
  • To calculate the cost of goods and services
  • To promote price discrimination

    • How does a market standard affect consumer choice?

  • It limits the variety of products available in the market
  • It increases the price of goods and services
  • It restricts the access to innovative products
  • It guarantees high quality and safety of products (correct)

    • What is the potential drawback of overly stringent market standards?

  • Reduced barriers to entry for new businesses
  • Increased consumer trust in the market
  • Consistent reduction in product prices
  • Stifling innovation and creativity (correct)

    • In what way do market standards contribute to international trade?

    <p>By aligning product specifications across countries</p> Signup and view all the answers

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