When Consumers Act as Price-Takers, We Say That They Behave

question 70

Multiple Choice

When consumers act as price-takers, we say that they behave

• A) cooperatively.
• B) competitively.
• C) monopolistically.
• D) irrationally.
• E) rationally.

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Definitions:

Mercantilism

An economic theory and practice dominant in Europe from the 16th to the 18th century, advocating that a nation's prosperity depends upon its supply of capital, and that the global volume of international trade is "unchangeable."

David Hume

David Hume was an 18th-century Scottish philosopher, historian, economist, and essayist known for his influential contributions to empiricism, skepticism, and naturalism in philosophy.

Scottish Philosopher

An individual from Scotland who engages in the study of fundamental questions about existence, knowledge, values, reason, mind, and language.

Cryptocurrencies

Digital or virtual currencies that use cryptography for security and operate on decentralized networks based on blockchain technology.