In a Perfectly Competitive Market the Term "Price Taker" Applies

question 274

Multiple Choice

In a perfectly competitive market the term "price taker" applies to

• A)sellers and buyers.
• B)sellers but not buyers.
• C)buyers but not sellers.
• D)only the smallest sellers and buyers.

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Definitions:

Unconditioned Response

An automatic, natural reaction to a stimulus that occurs without prior learning or conditioning.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with the unconditioned stimulus, evokes a conditioned response.

Classical Conditioning

An educational method where two stimuli are consistently associated together, leading to a reaction initially triggered by the second stimulus being provoked solely by the first stimulus over time.

Conditioned Response

An automatic response established by training to an ordinarily neutral stimulus.