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Questions and Answers
What is a common characteristic of farming operations that have changed from small, family-run businesses?
Why do many markets not achieve perfect competition?
What hinders new entrants in a market?
What is a result of brand recognition in a market?
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What is a reason why new entrants may not be able to copy the operations of the most profitable sellers?
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What is the purpose of price supports and subsidies in the agriculture market?
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What is a characteristic of a contestable market model?
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Why do farming operations form cooperatives?
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What is a result of economies of scope in a market?
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What is a consequence of high startup capital requirements in a market?
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