AGEC 314 M3 Study Questions.docx - M3 Study Questions...

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M3 Study Questions Chapter 7 1. a) Define and describe a price discovery system in general.
b) Explain the two major types of price discovery systems. Provide at least 2 benefits and 2 disadvantages for each. Disadvantages
1 “An Aggie does not lie, cheat or steal or tolerate those who do.” “On my honor, as an Aggie, I have neither given nor received unauthorized aid on this academic work.”
M3 Study Questions c. Selling outside of an organized market is often slower and most costly to farmers. d. This type of market also has a general lack of information.
c) Define and describe a price-setting system in general.
d) Explain the three major types of price setting systems. Provide at least 1 benefit and 1 disadvantage for each.

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