Price Taking Behavior Exists in

question 430

Multiple Choice

Price taking behavior exists in

• A) perfectly competitive markets.
• B) markets with a monopolist, where consumers have to take price as it is given to them by the monopolist.
• C) automobile markets where consumers have to take the price set by the dealer.
• D) Both answers B and C are correct.

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Definitions:

Luigi Galvani

An Italian physician, physicist, and philosopher who is recognized for his discovery of bioelectricity, particularly his experiments with electrical stimulation of muscles.

Roberts Bartholow

An American physician known for his controversial neurology research, including early brain stimulation experiments on human subjects.

Nervous System

The nervous system is the complex network of nerve cells and fibers that transmits nerve signals between different parts of the body, facilitating communication between the brain, spinal cord, and other organs.

Giant Axon

An unusually large axon that facilitates rapid conduction of neural impulses, found in some animals like squids, allowing them to respond quickly to environmental stimuli.