For a Country to Be a Price Taker in the Global

question 139

Multiple Choice

For a country to be a price taker in the global market for some good:

• A) the quantity it produces and consumes must be very small relative to the total amount of that good bought and sold worldwide.
• B) the quantity it produces and consumes must be very large relative to the total amount of that good bought and sold worldwide.
• C) there must be many sellers all supplying a very significant amount to the market.
• D) there must be many buyers all buying a large amount from the market.

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Definitions:

Data Gather

The process of collecting information and facts for the purpose of analysis to support decision-making and research conclusions.

Theory

A system of ideas intended to explain something, based on general principles independent of the thing to be explained.

Data Analysis

The process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, informing conclusions, and supporting decision-making.

Qualitative Data

Data that is descriptive and conceptual, often gathered through observations, interviews, and narratives.