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In the early 1900s, many businesses produced horse-drawn wagons at very low cost. Still, many of these firms were forced out of business due to a lack of consumer demand. Many people chose to purchase automobiles in stead of wagons. Explain how this fact demonstrates the importance of allocative efficiency.
The following table presents a portion of the annual returns for Fidelity's Select Automotive Fund (in percent). This mutual fund invests primarily in companies engaged in the manufacturing, the marketing, or the sales of automobiles, trucks, specialty vehicles, parts, tires, and related services.
d. Find the -value.
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