If a Firm Happened to Be the Only Seller of a Particular

question 76

Multiple Choice

If a firm happened to be the only seller of a particular product,it might behave as a price taker as long as

• A) buyers have full information about the firm's price.
• B) the transaction costs of doing business with this firm are low.
• C) there are many buyers.
• D) there is free entry and exit.

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Definitions:

Red Triangle

A nickname for a region in the Pacific Ocean off the coast of Northern California, noted for a high number of shark attacks.

Plate Boundaries

The edges where two or more of Earth's tectonic plates meet, which can be categorized into three main types: convergent, divergent, and transform.

Volcano

a geological structure through which magma and gases are expelled from the Earth's mantle to the surface.

Red Triangle

An area in the Pacific Ocean off the coast of Northern California noted for a high number of unprovoked shark attacks.