What Is a Nested Function

question 38

Multiple Choice

What is a nested function?

• A)A function with more than one argument
• B)Any IF function
• C)A function with more than two arguments
• D)A function embedded within an argument of another function

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Definitions:

Price Taker

A price taker is a market participant that does not have the ability to dictate the price of a good or service but must accept the market price as given.

Perfectly Elastic

Describes a market situation where demand or supply is completely responsive to changes in price, resulting in infinite sensitivity.

Demand Curve

A diagram illustrating the link between the cost of an item and the desired quantity by buyers.

Purely Competitive Firm

A company operating in a market where there are many buyers and sellers, the products are homogenous, and there is free entry and exit in the market.