Q1.

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. '3' Participants are price takers '3' Full information '3' Standardized good '3' No transaction costs b. Cucumbers are sold at the same price at each stall. '3' Full information '3' Participants are price takers '3' Standardized good '3' No transaction costs c. There is no difficulty in moving around between stalls as you shop and choose between farmers. '3' No transaction costs '3' Full information '3' Participants are price takers '3' Standardized good d. You and the other customers all seem indifferent about which cucumbers to buy. '3' Participants are price takers '3' No transaction cost '3' Full information '3' Standardized good