A Price Searcher

question 182

Multiple Choice

A price searcher

• A)faces a horizontal demand curve.
• B)is a seller that searches for good employees and pays them a low wage.
• C)is a seller that searches for the best location to sell its product.
• D)is a seller that has the ability to control to some degree the price of the product it sells.
• E)none of the above

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Definitions:

Productivity

The measure of the efficiency of production, typically expressed as the ratio of output to inputs used in the production process.

Real GDP

Real GDP, or Real Gross Domestic Product, measures the value of all final goods and services produced within a country in a given period, adjusted for inflation to reflect changes in price levels.

Market Prices

Prices that are determined by the interaction of supply and demand in a marketplace.

Economic Growth

A growth in an economy's ability to manufacture goods and services when comparing one time period to another.