Reading 44 market organization and structure questions and answers

*(ÿ>ÿ9'(%&("'"$ÿ?>AB#%I>ÿ$#9"A&Jÿ9>(ÿ%>K#ÿ>(Jÿ%?#ÿ%8#ÿ?>AB#%ÿ$ÿ'L#(M

Nÿ?>AB#%ÿ8>%ÿ#>%"A#$ÿ;'<ÿ%>($>9%&'($ÿ9'$%$ÿ&$ÿ$>&Kÿ%'ÿ8>O#ÿ'L#A>%&'(>;ÿ#::9&#(9JM

*(&%>;ÿL"@;&9ÿ'::#A&(=$ÿPQR$Sÿ>A#ÿ$';Kÿ&(ÿ%8#ÿ$#9'(K>AJÿ?>AB#%M

T#9BJÿU&ABÿ9'(%>9%#Kÿ8#Aÿ@A'B#Aÿ>(KÿL;>9#Kÿ>(ÿ'AK#Aÿ'ÿL"A98>$#ÿ.IVVVÿ$8>A#$ÿ':ÿTA&9B'ÿW'ALMÿ$%'9Bÿ>%ÿ>ÿLA&9#ÿ':ÿXYVÿL#Aÿ$8>A#MU&ABÿ<&$8#$ÿ%'ÿ@"Jÿ'(ÿ?>A=&(MÿN$$"?&(=ÿ%8#ÿ?>A=&(ÿA#Z"&A#?#(%ÿ$ÿ-V[Iÿ8'<ÿ?"98ÿ?'(#JÿK'#$ÿU&ABÿ8>O#ÿ%'ÿL>Jÿ"Lÿ:'(%ÿ

?>B#ÿ%8#ÿL"A98>$#H

X\-IVVVM

X5YIVVVM

XYVIVVVM

78&98ÿ':ÿ8#ÿ:';;'<&(=ÿ$%>%#?#(%$ÿ>@'"%ÿ$#9"A&#$ÿ?>AB#%$ÿ&$ÿCDEFGÿ>99"A>%#H

]#9'(K>AJÿ?>AB#%$Iÿ$"98ÿ>$ÿ%8#ÿ'O#A^8#^9'"(%#AÿR_WSÿ?>AB#%ILA'O&K#ÿ;Z"&K&%Jÿ>(K

LA&9#ÿ9'(%&("&%JM

Nÿ;?&%@"Jÿ'AK#Aÿ>(Kÿ>ÿ$%'Lÿ@"Jÿ'AK#Aÿ>A#ÿ@'%8ÿL;>9#Kÿ@#;'<ÿ%8#ÿ9"AA#(%ÿ?>AB#%ÿLA&9#M

W8>A>9%#A&$%&9$ÿ':ÿ>ÿ<#;;"(9%&'(&(=ÿ$#9"A&#$ÿ?>AB#%ÿabCcdD,ÿ?>(Jÿ@"J#A$ÿ>(Kÿ$#;;#A$I

;'<ÿ@&K^>$Bÿ$LA#>K$Iÿ?#;Jÿ&(:'A?>%&'(ÿ'(ÿLA&9#ÿ>(KÿO';"?#ÿ':ÿL>$%ÿ>($>9%&'($Iÿ>(K

>99"A>%#ÿ&(:'A?>%&'(ÿ'(ÿ$"LL;Jÿ>(KÿK#?>(KM

N(ÿ&(O#$%'Aÿ@"J$ÿ.IVVVÿ$8>A#$ÿ':ÿ>ÿ('(^K&O&K#(K^L>J&(=ÿ$%'9Bÿ:'AÿX.eMÿ_8#ÿ&(&%>;ÿ?>A=&(ÿA#Z"&A#?#(%ÿ$ÿ-V[ÿ>(Kÿ%8#

?>&(%#(>(9#ÿ?>A=&(ÿ&$ÿ5V[MÿN:%#Aÿ'(#ÿJ#>Aÿ8#ÿ&(O#$%'Aÿ$#;;$ÿ%8#ÿ$%'9Bÿ:'AÿX\-ÿL#Aÿ$8>A#Mÿ_8#ÿ&(O#$%'Af$ÿA>%#ÿ':ÿ#%"A(ÿ'(ÿ%8&$

&(O#$%?#(%ÿ=('A&(=ÿ@'AA'<&(=ÿ>(Kÿ%>($>9%&'($ÿ9'$%$ÿ>(Kÿ%>g#$SI>(Kÿ%8#ÿLA&9#ÿ>%ÿ<8&98ÿ%8#ÿ&(O#$%'Aÿ<'";KÿA#9#&O#ÿ>ÿ?>A=&(9>;;>A#ÿbChFDFGÿhj

k>%#ÿ':ÿ#%"A( l>A=&(ÿ9>;;

e5[ÿÿ X\.MVV

9E97ÿ())+ÿ()9:ÿ*ÿDA=ÿ&'ÿ;9ÿ)9ÿ,,ÿ'ÿ+@ÿ*9ÿC=ÿ:9:ÿ))+ÿ+ÿ)7ÿ()9:ÿ,)

L-ÿP)(>ÿ>9+')7ÿDDÿ')9ÿ*ÿCOÿ+@ÿÿ()9:=ÿ&'ÿ()9:ÿ9E9(ÿÿ8-ÿ'ÿQ79),ÿK9;ÿR)97ÿ<)

DABÿ8ÿP)(>Sÿ89@9):ÿ*(ÿ9E9ÿ)ÿ),ÿ()9:ÿ*ÿDA=ÿT99,-ÿ'ÿ+@ÿÿ,,:ÿ)ÿCJÿ>9ÿ')9=ÿU')ÿ

P)(>Sÿ99ÿÿ;(ÿV/WGX/ÿ+((ÿ)7ÿ9ÿÿ'ÿ,,ÿ'ÿ+@ÿ<H

Iÿ.5*Aÿ5*ÿ.5*Aÿ30*ÿ5+ÿ11*ÿ%ÿ0*ÿ)*ÿ+5=,

J4ÿ5ÿ45+ÿ)*1ÿÿ1-5*ÿ0ÿ.5*Aÿÿ5ÿ.0+ÿ+ÿÿÿ0ÿ1-4ÿ)*1

ÿ.5K*ÿ1ÿ.5*A,

3,ÿ4''+)0&,ÿ5666ÿ&,)ÿ/ÿ7+)&ÿ02ÿ)ÿ8$ÿ+)ÿ&,)2ÿ9ÿ:,)ÿ,)5&ÿ''ÿ&ÿ01ÿ/)ÿ8;ÿ+)ÿ&,)27+)&ÿ02ÿ+,:ÿÿ(.((2ÿ%&ÿ,'ÿ*,)-ÿ)<)*ÿÿ6=2ÿ4''ÿ?:,)ÿ)ÿ,*-ÿ,ÿ,''0,&

,,05ÿ,(ÿ&ÿ@:ÿÿ*,)-ÿA,*ÿ&ÿ+,:ÿÿ,,0ÿ)ÿ@))B-ÿ0ÿ,(ÿ&,ÿÿ&,(ÿÿ+ÿ,((,'

L&0&ÿ/ÿ&ÿ/''B-ÿ,*ÿ,@ÿ&ÿ*,,0ÿ*,)-ÿ)<)*ÿÿEHMGIÿ,00),N

%&ÿ4(),'ÿO).ÿÿ&ÿ*,P**ÿ*,,0ÿ*,)-2

Q),'':ÿ&ÿ*,,0ÿ*,)-ÿ)<)*ÿÿ'B)ÿ&,ÿ&ÿ,'ÿ*,)-

 (+ (

N( (

,(''(

O2/4ÿP35ÿ9/3521Cÿÿ;2/8Cÿ+!!ÿ52/ÿ<ÿ:OQÿF/9(ÿ34ÿ2ÿ2ÿ9/3ÿ<ÿ*' ÿ9/ÿ52/(ÿ:5ÿ;2/8ÿ/G/;ÿ62 !)(ÿ:5ÿ34ÿ9/3ÿ52ÿ3/21ÿÿ*+ÿ9/ÿ52/(ÿ>52ÿÿP35Rÿ//ÿÿ.;ÿ7</ÿ3;;ÿ21ÿ/ÿ5ÿ131ÿÿ005ÿ:OQÿ5018ÿ6B

!)(

+!)(

!)(

$$C:

%$C:

$$C:

$ÿ.'ÿ,'+)&ÿ788ÿ)&'ÿ5ÿ9':;ÿ+6ÿÿ%&'<6ÿ=)ÿ)&'ÿ&'ÿ&*<ÿ&ÿ>86ÿ&-ÿ&*ÿ%&&+ÿ%&'<ÿ&'

8?ÿ&*ÿ7?6ÿÿ)ÿ.'ÿ ÿ)ÿ+(ÿ@)ÿ)ÿ,'+ÿ'ÿÿ>8ÿ&ÿ4&'A*;ÿ)ÿ''ÿÿ)ÿ.%ÿ@-*ÿ3

BCD1012ÿ

78?6

8?6

7?6

*(ÿ@ÿ;'(%&("'"$ÿA@CD#%K@ÿ$#;"C&Lÿ;@(ÿ%@M#ÿ@(Lÿ%A#ÿ%:#ÿA@CD#%ÿ$ÿ'N#(O

PÿA@CD#%ÿ:@%ÿ#@%"C#$ÿ='>ÿ%@($@;%&'($ÿ;'$%$ÿ&$ÿ$@&Mÿ%'ÿ:@Q#ÿ'N#C@%&'(@=ÿ#<<;&#(;LO

*(&%@=ÿN"B=&;ÿ'<<#C&(?$ÿRST$Uÿ@C#ÿ$'=Mÿ&(ÿ%:#ÿ$#;'(M@CLÿA@CD#%O

67&)ÿ0'ÿ&%'&ÿ:)ÿ6;ÿ:&/'+ÿ5('&48

c'(=ÿL(ÿ\ÿmÿnE&=ÿo'6ÿÿR'ÿp')<<qr==ÿE7)ÿp4ÿ!sÿtÿ!YYÿm

mÿnnZ] ÿuÿ!,YYYsÿnZ![ÿuÿ!,YYYÿuÿY8vYs4ÿZ![ÿuÿY8 Yÿuÿ!,YYY44ÿ!sÿuÿ!YYÿm

ÿÿÿÿÿÿÿÿÿ&ÿKMNOOOÿPNOOOQRNOOOSÿTÿKÿROJOSÿ&ÿUUJUUVÿTÿMJÿ&ÿUJUUV

W1/-Xÿ61,8Y,1-.ÿZ1/[20ÿ61,,W/28.;

\?ÿ@ÿHAÿÿ,]0[ÿLDA?@=Bÿ@ÿ?^QN@ÿIAC>=ÿIAÿ@ÿC=AGÿ?=>>DA?ÿ

ÿÿÿÿ_=AGÿ<=>>&ÿLAG=>ÿDA?QÿTÿLÿP=>ÿC=AGQÿLÿPC==?ÿC=AGQ

ÿ&ÿ`ÿTÿLÿPOJOQÿLÿPOJUOQÿ&ÿ c(

dIA?

01234567ÿef6ghÿ\ÿUÿiÿd=BGÿÿiÿjk\ÿI

l2mn42oÿpn42f5nmh

qEÿ<?DÿFEÿjk\

rFEÿsÿAG=>>EÿDA?@=BÿOOÿ@=AÿIÿ<\<ÿ?^ÿÿC=AGÿ=ÿ=ÿDA?ÿIÿ`tOÿDAÿ@=AJÿr@ÿ=>ÿC=AGÿAuAC

ÿOVÿ=Bÿ@ÿC==?ÿC=AGÿÿMVJÿ<\<ÿ?^ÿDA?ÿ@=ÿI=>>ÿBA=C=?=>>EÿÿA?ÿC@ÿ=Bÿ?>BÿB=Eÿv@ÿ=

@=ADÿB?>ÿFAGGÿ@ÿ?>GÿDA?ÿÿ`OÿDAÿ@=AJÿw>sÿA?Hÿ=ÿC=AGÿ?=>>

yNÿ@ÿBÿÿCÿ@ÿCCCÿC==?ÿC=AGÿAuACJ

zNÿ@ÿCÿ@ÿCCCÿC==?ÿC=AGÿAuACJ

zNÿ@ÿCÿ@ÿCCCÿ=>ÿC=AGÿAuACJ

{|D>==

r=>ÿAG=>ÿH=>ÿ@>BÿFEÿsÿÿOOÿ|ÿ`tOÿ&ÿ`MNOOOJ

}CÿIÿuEÿÿOVÿL`MNOOOQÿ&ÿ`MNOOOJ

<AAÿ=>ÿH=>ÿÿOOÿ|ÿ`Oÿ&ÿ`tNOOOJ

\ÿs~ÿuEÿÿ`tNOOOÿP`MNOOOÿ&ÿ`NOOOÿv@?@ÿÿNOOORtNOOOÿ&ÿMVÿIÿ@ÿ=>ÿC=A^ÿH=>J

?1G1*LÿPB)()Jÿ)ÿBÿN1E>GÿQAAÿB1)RÿSÿQCARÿTÿCJAAAÿ1Gÿ*LCJAAAÿSÿALAÿTÿCJAAAL

'()*

01234567ÿ+,6-.ÿ/ÿÿ0ÿ'123ÿÿ0ÿ45/ÿ?

6278429ÿ:842,587

;<ÿ=*>ÿ?<ÿ45/

&TVÿ.*-:ÿ.*ÿD-ÿ,Cÿ2*Cÿ0*,33ÿ0ÿU#@&TTÿÿ+*0@ÿ-ÿU"@#&T@ÿ*/ÿ9 1ÿ0ÿ-.*:ÿU"@#&T;

-*ÿ*ÿ*,ÿÿ*-ÿ1*-3ÿ6-2-3/

ZD*2PD=VÿBÿC2*4ÿD2ÿÿb[\\ÿcÿ^\\dÿgÿ^&V\\\ÿeÿ^[V\\\QÿABÿCCCÿP2Dÿ)ÿBÿD4ÿ?ÿB2ÿCÿB

C22+ÿC2*4ÿ*O*Cÿÿ^[V\\\ÿaÿgÿ\Q[dÿeÿ^%V\\\QÿABÿB2*ÿ?*+ÿ2ÿTB+BÿBÿD4ÿ?ÿB2ÿBÿP2Dÿ

^%V\\\ÿa[\\ÿeÿ^&\Q

<Bÿ)C2ÿ1CC)13ÿ'1)1Cÿ)1>1CÿÿÿBÿ>(2)MÿTÿ12ÿ?(33ÿ3A(ÿAÿNAÿNAÿÿ1MÿNAÿANAÿNAÿÿ?((NO

&(ÿÿM2ÿZ<ÿÿRXÿ`XYSÿXYÿ`ÿbÿYWOÿ

@AÿCM(13ÿ(1ÿÿ>()A1ÿ>()ÿaZ<ÿbÿXYÿaXYÿbÿOÿ

^1(3ÿ)1CC>()ÿÿXYÿcÿdÿ`YOSÿRÿ`YOYSebÿX/fOYO

&'()

01234567ÿ*+6,-ÿ.ÿ/ÿ0ÿ&123ÿÿ0ÿ45.ÿ'

6278429ÿ:842+587

-;<ÿ=)>ÿ?<ÿ45

G6.1

01234567ÿ56678ÿ9ÿ:ÿ;ÿ4+,<ÿÿ;ÿ=>9ÿ'

?2@A42BÿCA4265A@8

D2ÿE1FÿG2ÿ=>9

ÿ./0)5ÿ0%*ÿ&ÿ4067ÿ.6)+ÿM&ÿ&ÿ)7ÿ.6)ÿ60)&ÿ&ÿ.ÿ.6)Nÿ&ÿ/4656ÿÿ-)5ÿ)60/8ÿ'6&6ÿ+

.)'5ÿ/4.6)ÿ6ÿY6N6ÿÿ//0ÿ&ÿ/4.6)ÿ6ÿ&8&6+3ÿ.ÿ656ÿÿ0ÿ656ÿÿ%;ÿ&ÿ4067ÿ.6)ÿ)60ÿ

&ÿ.)'5ÿ.ÿ.6)Nÿ6ÿÿ//ÿ&ÿ4067ÿ.6)ÿ5)60ÿÿ&ÿ.ÿ.6)+

>'6)

345678 ?@9ABÿ=ÿCÿDÿ>058ÿÿDÿEF=ÿ&

'ÿ[4ÿÿ*ÿ*0*(4ÿ-40183

X16+ÿ2ÿ(+ÿ-((-3

7801**

01234567ÿ;<6=>ÿ?ÿ@ÿAÿ&'2BÿÿAÿCD?ÿ'

E2FG42HÿIG42<5GF>

ÿÿ,ÿ@<ABÿ.ÿK=/-ÿ?AHÿNAÿÿ@<ABÿ-A<ÿK<A-K<ÿ<FOÿ,A=GOÿEFGÿ.ÿ@<ABHÿ+,/ÿ-/<Aÿ<F,ÿF-/Aÿ<Fÿ.<FÿKA?ÿ<Aÿ1</Oÿ@1ÿ,ÿF0FÿABÿ.ÿEÿ@<ABÿÿÿ<ÿ/B/Gÿ=>-?ÿ <-</ÿ1/<HÿP,Aÿÿ,ÿF-<ÿ.ÿK,-<Fÿ?AH

M.A-

01234567ÿQR6STÿUÿVÿWÿM<F1ÿ''ÿWÿIXUÿ/

Y2Z[42\ÿ][42R5[ZT

^Gÿ_-Kÿ=GÿIXU

M1<AF1ÿ,ÿ-,-</ÿKÿ< -1ÿ,ÿ,A</ÿ.ÿ<ÿ-BOÿ0,-,ÿ.ÿ,ÿ.//01ÿ<@ÿÿ2345ÿ< A<C

N,ÿ,A//Aÿ@ÿK<Gÿ<//F?FFÿFÿÿ,ÿ/FAÿ.ÿ,ÿ,AFÿ-BH

U-Bÿ-<ÿ/Gÿ=ÿ,AFÿÿ<ÿF0ÿ@<ABH

N,ÿ/FAÿ@ÿFK@<A1ÿÿ1<A<ÿ,ÿ?</ÿAÿ.ÿ,ÿ-BH

JLK/<<

N,ÿ,A//Aÿ@ÿK<Gÿ<GÿF?FFÿÿ,ÿ-Bÿÿ,ÿ0Aÿ.ÿ,ÿ=AA0Fÿ,<AHÿN,ÿ,A//Aÿ@ÿ</ÿFK

@<A1ÿ@Gÿÿ1<A<ÿ,ÿ?</ÿKA-,<ÿ.ÿ,ÿ-AGH

]3ÿ^G4/.ÿ?4_ÿÿ3ÿU/,UUÿU//2ÿU/49=

`4/ Pÿ3ÿU//2ÿU/49ÿ4V4Uÿÿ.T4ÿ3/ÿ3ÿ/.ÿU/49

:;;ÿ-5ÿYÿL/&ÿZÿ LLÿYÿO%&Lÿÿ

[),Yÿ%LMLLLÿQ'MLLLÿ\ÿ%&LÿYÿ M%&Lÿÿ

=)ÿYÿ M%&Lÿ]MLLLÿYÿ&/&P

;&ÿ))0ÿ-ÿ0ÿ&ÿ'0ÿ,ÿ&ÿ0<ÿ(ÿ&ÿ)=0>

;&ÿ))0ÿ-ÿ(0-ÿ&0.0/0ÿ&,ÿ&ÿ0=0ÿÿ,ÿ&0,)ÿ.(0ÿ'-?)+ÿ&

T+ÿ&ÿ())*+ÿ,-?Uÿ',)'),ÿ&ÿ0,ÿ(ÿ0ÿÿ,ÿ-,0+ÿ,,'ÿ(0ÿ,ÿV0ÿ*&ÿ?0'&,ÿ&ÿ'/ÿ,=

&ÿ'/ÿ?0'ÿ,ÿ*&'&ÿ&ÿV0ÿ*)=ÿ&,Vÿ0'V=ÿ,ÿ-,0+ÿ',))

jÿkA=+ÿm,)ÿnK,ÿC,@((pq++ÿA<@ÿCoÿ!rÿsÿ!ZZÿ

jÿkkX# ÿsÿ!UZZZrÿkX#$ÿsÿ!UZZZÿsÿZ>]ZroÿX#$ÿsÿZ> Zÿsÿ!UZZZooÿ!rÿsÿ!ZZÿ

jÿtuvw

x152`h357y2ÿzc{2d8|S,)'),ÿ&ÿ,))',&ÿ00ÿ,=ÿ-)?)@ÿ.@ÿ&ÿ-,0+ÿ)V0,+ÿ(,'0>

k# UZZZÿn#$UZZZoÿ#$UZZZrÿsÿk!ÿpZ> Zrÿjÿ]>#"\ÿsÿ$>"ÿjÿtuvw

_3`5}bÿc31de1352ÿf3`g7hÿc311_`7d2bÿ

Sÿ,+*I*ÿÿ,,ÿ0,-/Iÿ-RTÿ(ÿ/**ÿ+-*Uÿ0*/<

Sÿ0ÿ45ÿ*I*ÿÿR>ÿÿ0,-/Iÿ-RTÿ(ÿ/**ÿ+-*Uÿ0*/<

Sÿ0ÿ45ÿ*I*ÿÿ,,ÿ0,-/IÿR,Vÿ(ÿ/**ÿ+-*Uÿ0*/<

Sÿ0ÿ*I*ÿR/+ÿ-ÿ+-*Uÿ*I*ÿÿ(ÿ0*/ÿÿ(

@K@EÿÿGLIÿJAÿ<@;ÿ=DNÿNA;AÿAÿ?@ÿND.ÿ@;?ÿ-ÿE-@/ÿ;-DDÿOPQRSRTÿ

_-@`ÿ,;Aÿ<@;A-.MÿÿE-@/MÿGBBÿA-@ÿCÿJ_aÿ:@<Iÿ;`ÿ-ÿ-ÿ<@;ÿCÿF%ÿ<@ÿA-@IÿJAÿE-@/ÿ@K@EÿN-

BLIÿJAÿ;`ÿ<@;ÿA-ÿ;@-.ÿÿFGÿ<@ÿA-@IÿbA-ÿÿ,;Acÿ@@ÿÿ?Eÿ=C@ÿ;EEÿ-.ÿ@ÿAÿ.;.ÿÿDDAÿJ_aÿAD./ÿNd

FVBBBÿeÿIBÿ^ÿF%BBÿ;-Aÿ<-9Eÿ-.ÿF%BBÿ=@@N.I

JAÿNÿE-@`ÿ?-DÿCÿAÿ;`ÿ-C@ÿ<@;ÿ;@-ÿÿZGBBÿeÿFG\ÿ^ÿFgBBIÿÿ,;AÿD.ÿAÿAD./ÿAÿND.ÿA-?ÿFUBB

ZFgBBÿ[F%BB\ÿC-C@ÿAÿD-ÿN-ÿ<-.Iÿ*ÿ,;Acÿ@@ÿÿAÿ@/-DÿF%BBÿ?Eÿ

FUBB]%BBÿ[ÿ^ÿIÿ[IBÿ^ÿBIBÿ^ÿBLI

,C@;

01234567ÿ&'6()ÿ*ÿ%ÿ+ÿ,-./ÿÿ+ÿ01*ÿC

3245426ÿ7542'554)

hÿ i R MKKÿ oÿ KKS ÿ R MKKÿ oÿ KKS S m n ÿ oÿ KKÿ hÿ

_Y`aÿr^ÿTUVWXVUY`ÿs`t`gUu`ÿvUWY[g^

<() +4ÿ w+* ) ÿ hÿ ÿ k   +1 ÿ x+) 4 ÿ Pÿ hÿ ÿ k K6 Kÿ hÿ yz

_Y`aÿ|^ÿTUVWXVUY`ÿ}UguZ\ÿf`YXg\^

x+) 4 ÿ N) ++*  ÿ = ) ÿ hÿ '1 1 *+5ÿ )  ) ÿ oÿ <() +4ÿ w+* ) ÿ hÿ KKPÿ oÿ 6 Kÿ hÿ

7-/ 4 ÿ 8 / ÿ 9ÿ :ÿ ; < => 4ÿ ?-5 ÿ @ÿ A-ÿ B-10 0 ÿ E4  4ÿ =F  1ÿ B  C ÿ ÿ %H ÿ Iÿ %JJ

:ÿ ; < KLJJÿ Iÿ LJJH ÿ ; K%JJÿ Iÿ LJJÿ Iÿ JM NJH C D K%JJÿ Iÿ JM Jÿ Iÿ LJJC C ÿ %H ÿ Iÿ %JJ

:ÿ ; < JO JJJÿ @ÿ %LO JJJC ÿ PO JJJC ÿ @ÿ %H ÿ Iÿ %JJÿ :ÿ QRS