You stop by a crafts fair and you notice consumers haggling with vendors over prices. What does this tell you about the competitiveness of this market? Suppose you plan to go to a farmers’ market next. Do you expect to find more or less haggling at this market than you did at the crafts fair? Why?
Also, compare and contrast these markets to a non-standardized market where consumers do not perceive sellers as all being the same. Provide two example of a non-standardized market.