Consider shopping for cucumbers in a farmers’market. For each statement below, note whichcharacteristic of competitive markets the statement describes. Choose from: standardized good,full information, no transaction costs, and participants are price takers. [LO 3.1]a. All of the farmers have their prices postedprominently in front of their stalls.b. Cucumbers are the same price at each stall.c. There is no difficulty moving aroundbetween stalls as you shop and choosingbetween farmers.d. You and the other customers all seem indifferent about which cucumbers to buy.
Consider shopping for cucumbers in a farmers’market. For each statement below, note whichcharacteristic of competitive markets the statement describes. Choose from: standardized good,full information, no transaction costs, and participants are price takers. [LO 3.1]a. All of the farmers have their prices postedprominently in front of their stalls.b. Cucumbers are the same price at each stall.c. There is no difficulty moving aroundbetween stalls as you shop and choosingbetween farmers.d. You and the other customers all seem indifferent about which cucumbers to buy.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Consider shopping for cucumbers in a farmers’
market. For each statement below, note which
characteristic of competitive markets the statement describes. Choose from: standardized good,
full information, no transaction costs, and participants are
a. All of the farmers have their prices posted
prominently in front of their stalls.
b. Cucumbers are the same price at each stall.
c. There is no difficulty moving around
between stalls as you shop and choosing
between farmers.
d. You and the other customers all seem indifferent about which cucumbers to buy.
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