If a Firm Is a Price Taker, This Means That

question 98

Multiple Choice

If a firm is a price taker, this means that the firm _______ .

• A)has the ability to change the price of the good or service
• B)has transaction costs
• C)has market power
• D)has no ability to change the price of the good or service

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Definitions:

Influence

The ability to influence the personality, growth, or actions of an individual or entity.

Two-Stage Attribution Model

A psychological theory that describes how individuals infer the causes of their own or others' behavior in two steps: first identifying the behavior, then attributing it to internal or external causes.

Manager

An individual responsible for controlling or administering an organization or group of staff.

Poor Performance

The failure to meet established standards, expectations, or objectives in work or other activities.