If a Price Taker Experiences an Increase in the Cost

question 90

Multiple Choice

If a price taker experiences an increase in the cost of a fixed factor of production,it will

• A) increase output.
• B) raise its price.
• C) decrease output.
• D) lower its price.
• E) leave its output decision unchanged.

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Definitions:

Biogeochemical Cycle

The cycling of chemical elements and compounds between the biological and geological components of the environment, including processes such as carbon, nitrogen, and water cycles.

Trophic Category

Refers to the classification of organisms based on their feeding position in an ecosystem, such as producers, consumers, and decomposers.

Herbivore

An organism that primarily eats plants as its source of food.