A Firm Characterized as a Price-Taker

question 37

Multiple Choice

A firm characterized as a price-taker:

• A) has control over the price it pays, or receives, in the market.
• B) sets the price for the market.
• C) has no control over the price it pays, or receives, in the market.
• D) is not a characteristic of a competitive market.
• E) takes the price that is determined from the lowest price consumers are willing to pay for an item.

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