One implication of goods being standardized in a market is:
A. the government regulations must promote competition and lower prices to be efficient.
B. there are no information asymmetries.
C. the similarity in products may be real or perceived.
D. the market has a low degree of competition.
B. there are no information asymmetries.
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Use supply and demand analysis to explain what is most likely to happen to price and quantity in a competitive market for a crop such as lettuce, tomatoes, or oranges, when extreme weather destroys a large portion of the crop
Please provide the best answer for the statement.
Answer the following questions true (T) or false (F)
1. Market equilibrium occurs where the quantity supplied is equal to the quantity demanded. 2. If the demand for a product increases and the supply of the same product increases, the equilibrium price will increase. 3. As the number of firms in a market decreases, the supply curve will shift to the left and the equilibrium price will rise.