Which of the Following Characteristics of a Farmers' Market Make

question 149

Multiple Choice

Which of the following characteristics of a farmers' market make it a good example of a perfectly competitive market?

• A) Selling product at a farmers' market was very profitable for farmers in the early 2000s. As result, many farmers sold their farms to larger firms.
• B) Farmers who sell product at a farmers' market are similar to other entrepreneurs who introduce products that earn short-run profits but invite competition that drives down prices and profits in the long run.
• C) Farmers who sell product at a farmers' market are similar to other business owners who take advantage of the willingness of some consumers to pay high prices for new and different products.
• D) Farmers selling product at a farmers' market provide a product that is a necessity, rather than a luxury.

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Definitions:

Stimulus

An external event or change in the environment that can elicit or influence a physiological or psychological response.

Negative Punishment

The removal of a desirable stimulus following unwanted behavior in order to decrease the likelihood of that behavior happening again.

Fender Bender

A minor car accident primarily resulting in cosmetic damage to the vehicle, without significant injuries to the involved parties.

Positive Punishment

The addition of an undesirable stimulus to decrease a behavior, such as adding chores for breaking rules.