Markets governed by rules, regulation, and norms are designed to reduce costs associated with doing business.

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Rules, regulations, and norms provide a clear framework for conducting business, which reduces uncertainty and inconsistency. This can help businesses save money by streamlining processes and reducing the need to constantly adapt to changing circumstances. Rules, regulations, and norms provide a framework for businesses to operate and prevent unethical or illegal practices. This helps to reduce costs associated with legal penalties, reputational damage, and other forms of risk.

Markets Governed by Rules, Regulation, and Norms Are Designed to Reduce