The Implication of a Firm Being a Price Taker Is

question 24

Multiple Choice

The implication of a firm being a price taker is that, if it increases its price then:

• A)buyers will purchase from other sellers instead
• B)buyers will pay the higher price in the short run
• C)other sellers in the market will increase prices as well
• D)the firm will need to advertise to sell its goods

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Definitions:

Rose

A type of flowering shrub in the genus Rosa, known for its fragrant flowers which are used in perfumery, gardening, and symbolic in various cultures.

Biochemical Activity

The complex interactions and processes involving biological molecules within living organisms.

Glycogen

A form of glucose storage in the body, primarily found in the liver and muscle tissues, serving as a key energy reservoir.

Glucose

A simple sugar that is an important energy source in living organisms and is a component of many carbohydrates.