A price taker is a buyer or seller who:
A) cannot affect the market price.
B) takes the market price and chooses to increase or decrease it.
C) takes prices in the area and averages them together to set the price for his/her good.
D) can affect the market price, but only when collaborating with other buyers or sellers.
Correct Answer:
Verified
Q1: The buyers and sellers who trade a
Q5: An economy where private individuals guided by
Q8: For almost all goods, the:
A) lower the
Q8: The term market refers to the:
A) physical
Q10: The four important characteristics that define a
Q11: In economic terminology, a buyer or seller
Q13: We study the simple model of competitive
Q16: The law of demand describes the:
A) inverse
Q17: The amount of a particular good or
Q19: The best example of a perfectly competitive
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents