Which of the Following Best Explains Why a Firm in a Competitive

question 194

Multiple Choice

Which of the following best explains why a firm in a competitive price-taker market must take the price determined in the market?

• A) The short-run average total costs of firms that are price takers will be constant.
• B) If a price taker increased its price, consumers would buy from other suppliers.
• C) Firms in a price-taker market will have to advertise in order to increase sales.
• D) There are no good substitutes for the product supplied by a firm that is a price taker.

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Definitions:

Therapeutic Approaches

Various strategies and methodologies adopted by mental health professionals to treat psychological disorders and issues.

Case Managers

Professionals who coordinate care and resources for individuals with complex health needs, facilitating access to necessary services.

Social Therapists

professionals who use therapeutic techniques within a social framework to improve individuals' mental health and interpersonal relationships by focusing on social dynamics and support systems.

Business Managers

Individuals responsible for overseeing and directing the operations within a business to meet its goals.