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Liam owns a herd of cows in a market-based, mixed-economy nation. Accordingly, which of the following statements

is TRUE?

Group of answer choices

Liam must turn all control of production and distribution of the herd over to his government.

Liam owns the herd, but he must follow government regulations.

Liam's decisions about his herd are based on his social community's customs and beliefs.

Liam owns the herd, and he can choose which government regulations are to his economic benefit

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