Consumers and Firms Are Known as Price Takers Only If

question 131

Multiple Choice

Consumers and firms are known as price takers only if

• A) no market exists to determine the equilibrium price.
• B) they can set the market price.
• C) they cannot unilaterally affect the market price.
• D) excess demand exists.

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Definitions:

Contaminated Property

Real estate that has been polluted or has hazardous materials present, making it potentially dangerous and less valuable.

Federal Law

Legislation enacted by the national government or Congress of a country. In the United States, these laws apply to all states.

Clean Air Act

A comprehensive federal law in the United States that regulates air emissions from stationary and mobile sources to protect public health and the environment.

Stationary Sources

Fixed sites or facilities that emit pollutants into the air, such as power plants, manufacturing facilities, and refineries.