Which Remove Barriers to the Movement of Goods and Services

question 82

Multiple Choice

Which remove barriers to the movement of goods and services and members consent to a uniform tariff policy toward nonmember countries?

• A) Free trade areas
• B) Custom union
• C) Common market
• D) Economic union
• E) Political union

---

Definitions:

Inelastic Demand

A scenario in which the demand for a product or service shows minimal fluctuation in response to price alterations.

Four-Firm Concentration

The Four-Firm Concentration ratio measures the market share of the four largest firms within an industry, indicating the level of market concentration and competitive landscape.

Pure Competition

A market structure characterized by a large number of sellers offering identical products with no single seller able to influence the market price.

Oligopoly

A market structure characterized by a small number of firms controlling a large market share, leading to limited competition.