need help with macroeconomics homework

Economics
Tutor: None Selected Time limit: 1 Day

which characteristic of competitive markets the statement describes.
b. Cucumbers are the same price at each stall.

Standardized good.
No transaction costs.
Participants are price takers.
Full information.


c. There is no difficulty moving around between stalls as you shop and choosing between farmers.

Participants are price takers.
Full information.
Standardized good.
No transaction costs.


d. You and the other customers all seem indifferent about which cucumbers to buy.

Participants are price takers.
Full information.
No transaction costs.
Standardized good.
Sep 11th, 2015

Thank you for the opportunity to help you with your question!

b. No transaction costs.

c.  Standardized good.

d. Participants are price takers.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 11th, 2015

yes i would like more clarification on how you got each answer. thanks 

Sep 11th, 2015

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. 

Sep 11th, 2015

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.

Sep 11th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Sep 11th, 2015
...
Sep 11th, 2015
Feb 23rd, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer