Which of the following best describes a firm that is a price taker?
A) It will lose all sales if it prices its product in excess of the market equilibrium price.
B) It competes with other producers who produce differentiated products.
C) It can exert a major influence on the overall market.
D) It must be a relatively large producer compared to other firms in the market.
Correct Answer:
Verified
Q12: Which of the following is NOT a
Q13: Which of the following is a characteristic
Q14: What is an individual, perfectly competitive firm?
A)
Q15: Which market structure is characterized by many
Q16: In the perfectly competitive model, what are
Q18: In a perfectly competitive industry, what influences
Q19: What is a perfectly competitive firm?
A) a
Q20: Which of the following best resembles a
Q21: For a perfectly competitive firm, which of
Q22: When a firm is operating in a
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