Firms That Exhibit Price-Taking Behavior

question 58

Multiple Choice

Firms that exhibit price-taking behavior

• A) wait for other firms to set price, take it as given, and charge a higher price.
• B) have outputs that are too small to influence market price and thus take it as given.
• C) take pricing behavior in their own hands.
• D) are independently capable of setting price.

Grasp the concept of species richness and its significance in ecosystems.

Recognize the types of species interactions including mutualism, competition, and parasitism.

Understand the role of keystone species and their impact on community structure.

Comprehend the concept of ecological niches and how they define species roles within communities.

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Definitions:

Cortisol

Glucocorticoid secreted by the adrenal cortex that responds to stress on a long-term basis; reduces inflammation and promotes protein and fat metabolism.

Adrenal Cortex

Outer portion of the adrenal gland; secretes mineralocorticoids, such as aldosterone, and glucocorticoids, such as cortisol.

Long-Term Stress

Chronic stress experienced over an extended period of time, which can negatively affect health, mood, productivity, and relationships.

ACTH

Adrenocorticotropic hormone, a pituitary gland hormone that stimulates the adrenal glands to release cortisol.