When an Individual Producer Sets a Price for Its Product

question 71

Multiple Choice

When an individual producer sets a price for its product to earn a certain profit while consumers search for the product at the lowest price available from any producer,we say there is a

• A)separation in time.
• B)discrepancy of quantity.
• C)separation in values.
• D)discrepancy of assortment.
• E)spatial separation.

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Definitions:

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