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:

One-Way ANOVA

A statistical test that assesses whether there are any statistically significant differences between the means of three or more independent (unrelated) groups.

F Statistic

A ratio used in the analysis of variance (ANOVA) to determine whether the means of several groups are equal.

ANOVA Table

A table used in analysis of variance that shows the sources of variability in the data and helps in determining whether there are significant differences between group means.

Pooled Standard Deviation

A method for estimating the standard deviation across two or more independent groups that assumes a common true standard deviation.