When an Individual Producer Sets a Price for Its Product

question 37

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, this is an example of:

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