It is important for a business owner to understand the market structure in which they operate because:

Name: It is important for a business owner to understand the market structure in which they operate because:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Understanding the market structure helps in determining the extent to which a business owner can set prices and also in assessing competition behavior. Knowing the market structure also guides in deciding whether to advertise or not. Therefore, all the statements are true.

It Is Important for a Business Owner to Understand the Market