the statement describes. a. All farmers have the prices of their products posted prominently in front of their stalls. O Full information Standardized good O Participants are price takers No transaction costs b. Cucumbers are sold at the same price at each stall. No transaction costs Participants are price takers Full information Standardized good c. There is no difficulty in moving around between stalls as you shop and choose between farmers, teristic of competitive markets

the statement describes. a. All farmers have the prices of their products posted prominently in front of their stalls. O Full information Standardized good O Participants are price takers No transaction costs b. Cucumbers are sold at the same price at each stall. No transaction costs Participants are price takers Full information Standardized good c. There is no difficulty in moving around between stalls as you shop and choose between farmers, teristic of competitive markets

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

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.
a. All farmers have the prices of their products posted prominently in front of their stalls.
Full information
Standardized good
Participants are price takers
No transaction costs
b. Cucumbers are sold at the same price at each stall.
No transaction costs
Participants are price takers
Full information
Standardized good
c. There is no difficulty in moving around between stalls as you shop and choose between farmers.
Standardized good
Participants are price takers
Full information
No transaction costs
d. You and the other customers all seem Indifferent about which cucumbers to buy.
Standardized good
Participants are price takers
No transaction cost
O Full information

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Step 1: Understand the Characteristics of Competitive Markets

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Step 2: Analyze the Prominent Price Posting

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Step 3: Identify Uniform Pricing

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Step 4: Observe Ease of Movement

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Step 5: Assess Indifference in Product Choice

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