Markets can be divided into groups of customers who share similar likes and needs, these groups are called what?

Which of the following is not one of the key players that shape and serve the food industry?

Food processors and manufacturers add utility to raw farm products through processing and packaging.

Retailers are the most numerous of the food marketing institutions.

Without middlemen, farmers and consumers would still able to benefit from specializations and scale economies.

Speculative middlemen specialize in profiting from price movements rather than merchandising.

The institutional approach focuses on identifying who performs the marketing functions.

One fault of a Market economy is that it does not always lead to fair prices or incomes.

Specialized middlemen exist because they can perform marketing functions more efficiently than farmers or consumers.

Public distrust of middlemen is unique to the United States.