Human or Electronic Intermediaries Attempt to Reduce Each of the Following

question 43

Multiple Choice

Human or electronic intermediaries attempt to reduce each of the following limitations of direct interaction except:

• A)search costs
• B)lack of privacy
• C)contract risk
• D)product distribution

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Definitions:

Competition

The effort and striving between two or more independent rivals to secure the business of one or more third parties by offering the best possible terms.

Economic Power

The ability of individuals, companies, or countries to control or influence the market, including prices, distribution, and availability of goods.

Command System

An economic system where the government makes all decisions on production and consumption.

Central Planning

An economic system where the government or a centralized authority makes all decisions regarding the production and distribution of goods and services.