If Every Firm Is a Price Taker, Then Which of the Following

question 218

Multiple Choice

If every firm is a price taker, then which of the following characteristics does their industry have?

• A)large number of sellers
• B)many versions of the product
• C)limited resource mobility
• D)few consumers
• E)market power

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Definitions:

Receipts

Documents acknowledging the receipt of payment for goods or services received.

Currency

The system of money in general use in a particular country.

NSF Check

A check that cannot be processed because the drawer's account does not have sufficient funds, standing for Non-Sufficient Funds.

Deposit In Transit

Funds that have been deposited by a company but not yet credited to its bank account.