Kim attends the farmer's market in her hometown of Bakersfield every Sunday.She notices that all of the oranges sold by the many different farmers at the market have roughly the same price,as do most other products that are alike.Which statement best explains why the prices are so similar?

Question

Quizplus · Accepted Answer

The farmer's market in Bakersfield is likely a competitive market, meaning that there are many different producers selling similar products like oranges. In a competitive market, neither the consumer nor the producer has a large influence on the price, allowing for the market to set the price. This is likely why Kim notices that all of the oranges sold by the many different farmers at the market have roughly the same price.

Kim Attends the Farmer's Market in Her Hometown of Bakersfield