Examlex
Children who justify excluding others from play because of their race by saying "it's what's always been done" appeal to:
Price-Taker Model
A market situation where individual firms do not have the power to set prices for their products, instead accepting the market price.
Market Price
The present rate at which an asset or service is being offered for sale or purchase in the open market.
Product Price
The monetary cost of a good or service in the marketplace.
Profit-Maximizing
The process by which a company determines the price and output level that generates the maximum profit.
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