Cognitive dissonance, which is the mental discomfort between two contradictory ideas. Customers may experience cognitive dissonance when they spend a lot of money and feel regret even for a purchase that they enjoy.
A long-term competitive advantage that is not easily to duplicate or surpassable by the competitors.
it allows the firm to earn excess returns for its shareholders.
The third function explains that money is a medium of exchange. It means that it is better to use the money used in the country itself to gain better service because it would provide better protection. Costumers would be more satisfied if the business would accept the money they have and it would be safer and mutually good for both if the customer would transact using the currency country's currency.
Source: https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-9-functions-of-money
There are four types of market structures namely; perfect competition, monopoly, monopolistic competition and oligopoly. Perfect competition is where large number of small firms compete with each other with a homogeneous product. In a monopoly market there is only one producer of a given product who determines the price of the product. In monopolistic competition the market combines the aspect of monopoly and perfect competition. In this case, In Oligopoly there are a few suppliers or sellers of a particular product.
Answer:
In a true communist economy, the community makes decisions. In most communist countries, the government makes those decisions on their behalf. This system is called a command economy.
