Problems and Applications1.Many answers are possible.2.a.Steel is a fairly uniform commodity, though some firms produce steel of inferior quality.b.Novels are each unique, so they are quite distinguishable.c.Wheat produced by one farmer is completely indistinguishable from wheat produced by another.d.Fast food is more distinguishable than steel or wheat, but certainly not as much as novels. 3.See Figure 2-5; the four transactions are shown.Figure 2-54.
