In Australia, the Law That Has the Greatest Impact on Marketers

question 51

Multiple Choice

In Australia, the law that has the greatest impact on marketers is known as:

• A) Personal Property and Securities Act, 2009.
• B) Equal Opportunity Act, 2010.
• C) National Consumer Credit Protection Act, 2009.
• D) Electronic Transactions Act, 1999.
• E) Competition and Consumer Act, 2010.

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Definitions:

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition.

Monopoly

A market structure characterized by a single seller dominating the entire market for a particular good or service.

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, including high startup costs, regulatory requirements, and established brand loyalty.

Substitute Products

Goods or services that can be used in place of another product to satisfy the same need or demand.