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b. No transaction costs.
c. Standardized good.
d. Participants are price takers.
yes i would like more clarification on how you got each answer. thanks
the answer for D. i had put participants are price takers and got it wrong the first time.
1. No transaction costs- Firms can enter or exit the market freely.
2. Standardized good- This is because each stall in the market produces undifferentiated and homogenous products.
3. Full information- Buyers and sellers have perfect information about the price prevailing in the mark! About the availability of commodities at any given point of time.
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