Macroeconomics chapter

Economics
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 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.
Sep 11th, 2015

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ANSWER:   Standardized good

Analysis

We can say that a good is standardized if the buyer can’t distinguish the output of one producer from another. For example a kilo of sugar or a bushel of wheat. Clearly a consumer will have difficulty identifying whether a kilo of sugar was produced by one farmer or another.


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Sep 11th, 2015

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