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.

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Definitions:

Permanently Frozen Ground

Ground that remains at or below 0°C (32°F) for at least two consecutive years, typically found in polar regions, known as permafrost.

Hadal Zone

The Hadal Zone refers to the deepest regions of the ocean, typically found in oceanic trenches, and ranges in depth from about 6,000 to 11,000 meters.

Benthic Environment

The ecological region at the lowest level of a body of water such as an ocean or a lake, including the sediment surface and some sub-surface layers.

Tropical Dry Forests

Ecosystems found in tropical regions characterized by a distinct dry season, supporting diverse plant and animal life adapted to arid conditions.