Which of the Following Characterizes a Competitive Agricultural Market

question 36

Multiple Choice

Which of the following characterizes a competitive agricultural market?

• A)The firm has a downward-sloping demand curve.
• B)The market has a horizontal demand curve.
• C)Price is determined by market demand and market supply.
• D)Economic profit is earned in the long run.

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Definitions:

Retailer-Sponsored Cooperative

A group of retailers that pool their resources to gain efficiencies and leverage in purchasing or marketing.

Target Market Coverage

The extent to which a company aims to reach its potential market through its marketing efforts and distribution channels.

Distribution Density

The measure of how widely and closely a product or service is distributed and available to consumers within a market.

Geographical Area

A specific physical region or space defined by natural or artificial boundaries.