Which of the Following Is a Way in Which Formal

question 15

Multiple Choice

Which of the following is a way in which formal institutions affect international competition?

• A)decreasing trade restrictions
• B)enforcing organizational laws
• C)enforcing antidumping laws
• D)enforcing strict exit barriers

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Definitions:

Unit Wages

The cost of labor per unit of output, measuring how much is paid in wages for the production of one unit of a good or service.

Employed Workers

Individuals actively engaged in a job or business who are receiving compensation for their labor.

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good.

Substitutability

The degree to which one good or service can be replaced by another in consumption, affecting consumer choices and market competition.