When Firms Are Said to Be Price Takers, It Implies

question 204

Multiple Choice

When firms are said to be price takers, it implies that if a firm raises its price,

• A)buyers will go elsewhere.
• B)buyers will pay the higher price in the short run.
• C)competitors will also raise their prices.
• D)firms in the industry will exercise market power.

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Definitions:

Introns

Non-coding sections of DNA within a gene that are removed during RNA processing before translation into proteins.

Transgenic Organisms

Organisms that have been genetically modified to contain DNA from an external species.

Gene Expression

The process by which information from a gene is used to synthesize a functional gene product, often a protein.

Genetic Diseases

Disorders caused by abnormalities in an individual’s DNA, often leading to dysfunctions in health and development.