Firms That Are Price Takers

question 175

Multiple Choice

Firms that are price takers

• A) are small relative to the total market.
• B) produce products that are different than their competitors.
• C) can sell only a portion of their output at the market price.
• D) have downward-sloping demand curves.

---

Definitions:

Self-fulfilling Prophesy

A prediction that causes itself to become true due to the feedback between belief and behavior.

Contemporary Political Climate

The current conditions, attitudes, and dynamics within the political sphere or environment.

Stanford Prison Simulation

A psychological experiment conducted in 1971 by Philip Zimbardo at Stanford University, aimed at exploring the effects of perceived power, focusing on the struggle between prisoners and prison guards.

Sequential Lineup

A police procedure in which suspects are presented to an eyewitness one at a time rather than all at once.