Description
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. |
Explanation & Answer
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b. No transaction costs.
c. Standardized good.
d. Participants are price takers.
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