If a Price-Taker Firm Selling in a Competitive Market Offers

question 13

Multiple Choice

If a price-taker firm selling in a competitive market offers its product at a higher price than others, it will

• A) increase its profits.
• B) maintain its profit base if the demand for the product is inelastic.
• C) be able to expand output.
• D) not be able to sell any output.

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Definitions:

Interviewer

A person who asks questions of a candidate or participant, typically in the context of job selection, research, or media.

Applicant

An individual who applies for a job, program, or opportunity.

Age Discrimination

Unfair treatment of employees or job applicants based on their age, rather than their skills or qualifications.

Employment Act

Laws enacted to regulate labor relations, including hiring, working conditions, and employee rights.