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Market Competition Strategies

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Questions and Answers

What is a common characteristic of farming operations that have changed from small, family-run businesses?

They are large corporate enterprises (correct)

They have no market power

They are now price takers

They are small and family-run

Why do many markets not achieve perfect competition?

Because the minimum efficient scale is low

Because there is free entry for new firms

Because there is no government intervention

Because the minimum efficient scale is high, allowing only a few sellers (correct)

What hinders new entrants in a market?

Low startup capital requirements

Low promotional expenses

Easy brand recognition

High startup capital requirements (correct)

What is a result of brand recognition in a market?

New entrants have high promotional expenses Signup and view all the answers

What is a reason why new entrants may not be able to copy the operations of the most profitable sellers?

Economies of scope Signup and view all the answers

What is the purpose of price supports and subsidies in the agriculture market?

To alter farm production decisions Signup and view all the answers

What is a characteristic of a contestable market model?

There is free entry for new firms Signup and view all the answers

Why do farming operations form cooperatives?

To increase market power Signup and view all the answers

What is a result of economies of scope in a market?

Few sellers offer just one product Signup and view all the answers

What is a consequence of high startup capital requirements in a market?

New entrants are unlikely to enter the market Signup and view all the answers