FIGURE 8-1 -Refer to Figure 8-1. Graphs a and B Together Demonstrate

question 115

Multiple Choice

FIGURE 8-1

-Refer to Figure 8-1. Graphs A and B together demonstrate the effect that a change in market demand has on the demand curve. Which of the following describes the firm that faces this situation?

• A) It is a firm that is capable of changing the market price.
• B) It is a firm that is producing a unique product.
• C) It is a firm that is a price taker.
• D) It is a firm that is capable of making long-run economic profits.

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