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 price takers.
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.