A Price Taker Is a Buyer or Seller Who

question 29

Multiple Choice

A price taker is a buyer or seller who:

• A) cannot affect the market price.
• B) takes the market price and chooses to increase or decrease it.
• C) takes prices in the area and averages them together to set the price for his or her good.
• D) can affect the market price only when collaborating with other buyers or sellers.

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Definitions:

Prejudice

A preconceived opinion or judgment about someone or something that is not based on reason or actual experience, often manifesting as bias or discrimination.

Stigma

A mark of disgrace or infamy; a sign of severe social disapproval of personal characteristics or beliefs that are perceived to be against cultural norms.

Title VII

A provision of the Civil Rights Act of 1964 that prohibits employment discrimination based on race, color, religion, sex, or national origin.

Union Membership

The state of being a member of an organization (union) that represents employees' interests, such as wages, working conditions, and benefits.