The Notation of (1,1) Is Used to Specify the Relationship

question 27

True/False

The notation of (1,1) is used to specify the relationship type of one-to-many.

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Definitions:

High Barriers

Obstacles that make it difficult for new entrants to enter a market, including high starting costs, stringent regulations, or strong competition.

Differentiated Products

Goods or services that are distinguished from others by quality, branding, or other features, leading to non-price competition among firms.

Collude

When two or more firms work together to set prices, limit supply, or engage in other practices to restrict competition and manipulate market outcomes.

Perfect Competitors

In a perfectly competitive market, firms that have no market power and cannot set prices, with many buyers and sellers trading identical products.