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:

Plant Cell Walls

Rigid layers surrounding plant cells, composed mainly of cellulose, hemicellulose, and lignin, providing structure and protection.

Structural Material

Materials used in the construction of buildings, bridges, or other structures, providing support and stability.

Fungi

A kingdom of spore-producing organisms feeding on organic matter, including molds, yeast, mushrooms, and toadstools, distinct from plants and animals.

Enzymes

Proteins that act as biological catalysts, speeding up reactions in cells without being consumed in the process.