In a Competitive Market, Suppliers Have Little Reason to Charge

question 207

Multiple Choice

In a competitive market, suppliers have little reason to charge different prices because:

• A)they have little reason to charge a lower price
• B)if they a charge a higher price, buyers will purchase from someone else
• C)only B is true
• D)both A and B are true

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Definitions:

Stereotypes

Oversimplified and generalized perceptions or beliefs about a group of people, often leading to prejudiced attitudes or discrimination.

American Civil Liberties Union

An organization dedicated to defending and preserving the individual rights and liberties guaranteed to every person in the U.S. by the Constitution and laws.

Right to Privacy

The individual's right to keep their personal affairs and choices from public scrutiny, and to protect their personal information from being disclosed.

Meyer v. Nebraska

A 1923 Supreme Court case that struck down a state law restricting the teaching of foreign languages to children, ruling it as a violation of the Fourteenth Amendment’s due process clause.