In the Long Run, in a Price-Taker Market, the Price

question 126

Multiple Choice

In the long run, in a price-taker market, the price of a good is determined primarily by the

• A) average total cost of producing it.
• B) decision of buyers in determining how much they are willing to pay for the good.
• C) elasticity of supply.
• D) number of firms in the industry.

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Definitions:

Complex Comparisons

Analytical comparisons involving more than two groups.

Power Distance

A cultural dimension that describes the extent to which individuals in a society accept and expect that power is distributed unequally.

Culture

Culture represents the shared values, beliefs, norms, and practices that shape the social behavior and interactions within a group, organization, or society.

Unequal Distribution

Refers to a scenario where resources, opportunities, or outcomes are not shared equally among all groups or individuals within a specific context.