If a Firm Has No Ability to Select the Price

question 77

Multiple Choice

If a firm has no ability to select the price of its product, it:

• A) will go out of business due to losses.
• B) is a price-maker.
• C) cannot maximize profit.
• D) has a horizontal individual demand curve.

---

Definitions:

Empathy

The capacity to understand or feel what another person is experiencing from within their frame of reference, essentially placing oneself in another's shoes.

Active Listening

The process of fully concentrating on what is being said rather than just passively ‘hearing’ the message, involving feedback and empathy towards the speaker.

Communication Process

The sequence of steps by which a message is transmitted from a sender to a receiver, including encoding, channel selection, decoding, and feedback.

Adaptive Selling

A sales strategy that involves customizing the sales approach based on the behavior, needs, and reactions of the customer.