A Competitive Firm

question 150

Multiple Choice

A competitive firm:

• A)is small relative to the market in which it trades.
• B)has to charge a lower price when it wants to sell more goods.
• C)has several large competitors with whom it engages in fierce
• D)competition. can set the wage at which it hires workers.

---

Definitions:

Relativism

The doctrine that knowledge, truth, and morality exist in relation to culture, society, or historical context, without absolute universal standards.

Method of Doubt

A philosophical methodology attributed to René Descartes involving skepticism towards one's beliefs to discover what can be known with certainty.

Descartes

René Descartes, a French philosopher, mathematician, and scientist, considered the father of modern philosophy, known for his statement "I think, therefore I am."

Universal Causality

The principle that every event or state of affairs is determined by preceding events according to consistent laws.