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:

Pathophysiology

The study of how normal physiological processes are affected by disease, leading to the functional changes associated with health conditions.

Exocytosis

A process by which a cell transports secretory products through the cytoplasm to the plasma membrane and then into the extracellular environment.

Recessive Gene

A type of gene that is not expressed in the phenotype unless it is present on both chromosomes of a pair, overshadowed by dominant genes when in combination.

Dominant Gene

A gene that expresses its phenotypic effect even when heterozygous with a recessive gene.