In a market economy, if you are only one of many wheat farmers you are considered a which of the following:
A)price-maker.
B)price-taker.
C)price manipulator.
D)price-neogiator.
E)none of the above.

Question

Quizplus · Accepted Answer

In a market economy, if you are only one of many wheat farmers, you have no significant control over the price of wheat. You must accept the market price, also known as the equilibrium price, which is determined by the interaction of supply and demand. As a result, you are considered a price-taker.

In a Market Economy, If You Are Only One of Many