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In the 20th Century,managers of Railroads Let Airlines,barges,pipelines,and Trucks Take Business

question 166

Multiple Choice

In the 20th century,managers of railroads let airlines,barges,pipelines,and trucks take business away from them because their strategies were developed only for the railroad business,rather than a broader definition of the ________ business.


Definitions:

Government Sets Prices

A policy or situation in which the government directly controls or sets the prices of goods and services in an economy, rather than allowing them to be determined through free-market forces.

Market Reform

a strategic change in economic policies and regulations intended to create a more competitive and efficient market environment.

Market-Oriented Economy

An economic system where supply and demand determine the production of goods and services, with minimal government intervention.

Soviet Union

A former federal socialist state in Eastern Europe and Asia, existing from 1922 until its dissolution in 1991, known for its centralized economy and government.

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