1. When purchasing commodities, buyers are most likely to be influenced by which of the following: A) Brand name
B) Endorsements by famous people
C) The supplier offering the cheapest price
D) The best-known producer

2. How does the ability of businesses to enter and exit the market easily benefit consumers? List two ways.

3. Under perfect competition, which of the following are described as price takers:
A) Sellers only
B) Buyers only
C) Both buyers and sellers
D) There are no price takers in this market structure.
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