Which of the Following Statements Best Reflects a Price-Taking Firm

question 30

Multiple Choice

Which of the following statements best reflects a price-taking firm?

• A)if the firm were to charge more than the going price, it would sell none of its goods
• B)the firm has no incentive to charge less than the going price
• C)the firm can sell as much as it wants at the going price
• D)all of the above are true

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Definitions:

Antebellum Period

The time frame in United States history leading up to the Civil War, characterized by rising tensions over issues like slavery and the rights of states versus the federal government.

Industrialization

The process of transforming economies from primarily agrarian to one based on the manufacturing of goods, seen especially during the 19th and 20th centuries.

African-American

A term referring to Americans with ancestral origins in Africa, often pertaining to those whose ancestors were forcibly brought to America through the transatlantic slave trade.

Julien Hudson

A free African American painter who lived in the early 19th century, known for his portraits and miniatures in New Orleans.