A Firm Is Said to Be a Price Taker If

question 194

Multiple Choice

A firm is said to be a price taker if it ________.

• A) can affect the market price of a good by changing its supply
• B) sells as much of any good as it wants at the prevailing market price
• C) consults the government before fixing the prices of its goods and services
• D) is not free to enter a new market or exit from a market

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Definitions:

Motivational Processes

Internal processes that energize, direct, and sustain behavior towards achieving specific goals.

Retention Processes

The methods by which information is kept over time in the brain, crucial for learning and memory functions.

Self-Reinforcement

The process of rewarding oneself for behaving in a desirable way, thus strengthening the likelihood of repeat behavior.

Self-Efficacy

Belief in one's capabilities to organize and execute the courses of action required to manage prospective situations.