Solved

In the Price-Taker Model, What Impact Does the Individual Firm

Question 204

Multiple Choice

In the price-taker model, what impact does the individual firm have on the price of its product?


A) The firm must accept the price determined in the market if it is going to sell its product.
B) The firm may raise or lower its price to a small extent, but sales revenues will tend to be the same regardless of price.
C) The firm may raise its price and, thereby, increase its revenues.
D) The firm may raise or lower its price to a considerable extent, but sales revenues will tend to be the same regardless of price.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents