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Which of the following characterizes the nonmarket component of business environment?
a)It includes those interactions between firms, suppliers, and customers that are governed by markets and contracts.
b)The interactions of firms typically involve voluntary economic transactions and the exchange of property.
c)Activities in the nonmarket environment may be voluntary or involuntary.
d)Effective management in the nonmarket environment is not a necessary condition for superior performance.
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Test Bank for Business and Its Environment
Edition: 7th
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