If a Country Is a Price Taker for a Good

question 219

Multiple Choice

If a country is a price taker for a good in the world market,________.

• A) its consumption and production decisions for the good play a key role in determining world prices
• B) its consumption and production decisions for the good do not affect world prices
• C) its demand for the good remains the same irrespective of changes in world prices
• D) it is the only exporter of the good in the world market

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Definitions:

Diffuse

Spread out over a large area; not concentrated or focused.

Procedural Fairness

Refers to the perceived fairness of the processes used to make decisions within organizations.

Distributive Fairness

The perceived fairness of the outcomes received, including resources and rewards, within an organization or social system.

Emotional Contagion

The phenomenon where emotions and behaviors can be transferred from one person to another, often unconsciously, leading to shared feelings or mimics in groups.