Price Taking Behavior Exists in

question 430

Multiple Choice

Price taking behavior exists in

• A) perfectly competitive markets.
• B) markets with a monopolist, where consumers have to take price as it is given to them by the monopolist.
• C) automobile markets where consumers have to take the price set by the dealer.
• D) Both answers B and C are correct.

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Definitions:

Merchant

An individual or business engaged in the wholesale or retail sale of goods or commodities.

Floor Sander

A power tool used for smoothing, preparing, or finishing floors by removing the top layer.

Home Repair

The process of fixing, upgrading, or maintaining various elements or systems within a residence.

Lessor

A property owner who allows others to use his or her property in exchange for payment.