The Use of Efficient Payment Systems Like Electronic Fund Transfer

question 10

True/False

The use of efficient payment systems like electronic fund transfer in the United States led to an increase in the velocity of money.

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Definitions:

Price Leadership

Price leadership occurs when one leading company in an industry sets the price for its products, and other companies in the industry follow suit, often seen in oligopolistic markets.

Product Differentiation

Product Differentiation is the process by which companies distinguish their products from those of competitors on aspects like quality, design, or brand.

Price Leadership

A market situation where one leading firm sets the price of goods or services, and other firms in the industry follow suit, typically seen in oligopolies.

Advertising

A form of communication that is typically paid for, aimed at informing or persuading a target audience about products, services, or ideas.