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Questions and Answers
What is the primary function of a market standard?
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?
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?
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?
In what way do market standards contribute to international trade?
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