The phrase "price-taker" means
A) that market price is independent of the output of a single firm.
B) each firm faces a perfectly elastic demand curve.
C) that price and marginal revenue are the same.
D) all of these choices.
Correct Answer:
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Q3: The goal of managers is to manage
Q4: If the average cost of flying the
Q5: A market with easy entry could include
A)perfect
Q6: Perfect competition
A)has many sellers.
B)homogenous products.
C)free entry and
Q7: If the marginal cost of flying the
Q9: A market of price takers is called
A)perfectly
Q10: A market that mainly stresses product differentiation
Q11: A market with a few large sellers
Q12: A market with a single seller is
Q13: The MR=MC rule
A)applies to price-makers only.
B)does not
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