Maya grows apples and sells them in the weekend markets in Almaty around a year, for a fixed fee. Although the prices for apples differ by the size of fruits and appearance, the farmers sell apples of good quality at not more than KZT 500 per kilo. Maya finds it difficult to raise prices and increase her profit since the consumers are very price-conscious. She manages to keep the good quality of the apples due to the refrigerating system she had invested in earlier. She also cannot decrease the warehousing costs since the quality of apples would substantially deteriorate without the due storage. The above example describes market, because 1) there are buyers and sellers; 2) the goods sold are goods; 3) both buyers and sellers are price ; and 4) there are barriers to enter the market. peculiar a limited number of differentiated many oligopolistically competitive no takers controllers setters pure competitive monopolistically competitive oligotopolistic monopolistic standardized

Maya grows apples and sells them in the weekend markets in Almaty around a year, for a fixed fee. Although the prices for apples differ by the size of fruits and appearance, the farmers sell apples of good quality at not more than KZT 500 per kilo. Maya finds it difficult to raise prices and increase her profit since the consumers are very price-conscious. She manages to keep the good quality of the apples due to the refrigerating system she had invested in earlier. She also cannot decrease the warehousing costs since the quality of apples would substantially deteriorate without the due storage. The above example describes market, because 1) there are buyers and sellers; 2) the goods sold are goods; 3) both buyers and sellers are price ; and 4) there are barriers to enter the market. peculiar a limited number of differentiated many oligopolistically competitive no takers controllers setters pure competitive monopolistically competitive oligotopolistic monopolistic standardized

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 13CTQ: Think back to a purchase that you made recently. How would you describe your thinking before you...

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