It is important for firms to determine the market for their products and services because

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    Production and transportation costs will vary depending upon what and for whom the firms produce.
     Firms need to know where their markets are located in order to make decisions as to where they locate their headquarter facilities.
     Correctly defining the market and its geographic boundaries helps firms identify competing or complementary products, competing firms and the pricing and production trade offs the firms face.
     Firms need the information to determine which market is the largest that they can serve.
asked May 30, 2013 in Economics by anonymous
    

1 Answer

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Correctly defining the market and its geographic boundaries helps firms identify competing or complementary products, competing firms and the pricing and production trade offs the firms face.
answered May 31, 2013 by Xyz ~Expert~ (3,650 points)

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