Which of the following is a basic factor that determines the boundaries within which market prices should be set?
A) market access
B) competition
C) service
D) export duties

Question

Quizplus · Accepted Answer

Competition is a basic factor that determines the boundaries within which market prices should be set. The presence of competition in the market ensures that prices remain reasonable and fair for consumers, as businesses must keep their prices competitive in order to maintain their market share. Market access and service may affect prices, but they are not as fundamental as competition. Export duties, on the other hand, are a government policy tool and do not directly determine market prices.

Which of the Following Is a Basic Factor That Determines