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Classification categories must be mutually exclusive and which of the following?
Price-Taker Markets
Markets in which individual buyers and sellers have no control over the prices at which they buy or sell goods, typically because the market is highly competitive and goods are standardized.
Dynamic Process
A system or sequence of actions characterized by continuous change, activity, or progress over time.
Decision Making
The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.
Barriers To Entry
Obstacles that make it difficult for new competitors to enter a market, including high start-up costs, regulatory requirements, and established brand loyalty.
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