Firms That Are Price Takers

question 175

Multiple Choice

Firms that are price takers

• A) are small relative to the total market.
• B) produce products that are different than their competitors.
• C) can sell only a portion of their output at the market price.
• D) have downward-sloping demand curves.

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Definitions:

Bill of Rights

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Commerce Clause

A provision in the United States Constitution (Article I, Section 8, Clause 3) that grants Congress the power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.

Constitution

The fundamental principles or established precedents according to which a state or other organization is governed.

Implied Power

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