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:

Alias Tag

A reference or name assigned to a data point or variable in a control system that can be used interchangeably with its original name for easier identification or programming.

Base Tag

A base tag in programming and control systems is a foundational identifier or reference point from which other tags or addresses may be generated or referenced.

Consumed Tag

A reference in a distributed control system where data from one device is used by another device within the same network, implying the data is 'consumed' by the latter.

Produced Tag

In industrial automation, a tag or data point generated by one device and made available to other devices in the network.