Which of the following best explains why you cannot use the price of rolled oats at a local supermarket as the competitive market value of rolled oats?
A)You can buy the oats at the price posted by the store,but the store will not buy oats from you for the same price.
B)The posted prices of oats can vary widely between grocery stores,even within the same local area.
C)Grocery stores mark up the prices of their oats up to make a profit.
D)Grocery stores typically sell oats in different packaging,which results in different prices within the same store.
E)You can only by the oats in the quantities specified by the grocery store.

Question

Quizplus · Accepted Answer

The price posted by a local supermarket is the price at which they are willing to sell rolled oats, but it does not reflect the competitive market value of rolled oats because the store will not buy oats from you for the same price. In a competitive market, the price should be determined by the forces of supply and demand, and buyers and sellers should be able to trade at that price.

Which of the Following Best Explains Why You Cannot Use