Price Takers

question 219

Multiple Choice

Price takers:

• A)are those individuals in a competitive market who must accept the market price as given.
• B)is a term that implies that whatever the price is, an individual will accept it as fair.
• C)is a term that essentially means that prices have nothing to do with individuals or groups.
• D)is a term that refers to buyers not sellers.

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Definitions:

Professional Acts

Actions or conduct that are considered appropriate, ethical, and in accordance with the standards of a profession.

Realtor

A real estate professional who is a member of the National Association of Realtors and adheres to its code of ethics.

Agency Relationship

A fiduciary relationship where one party (the principal) grants another party (the agent) the authority to act on their behalf in transactions.

Property Owner

An individual or legal entity that holds legal title to and has the right to use, control, and dispose of real property or land.