If Firms Are Price Takers This Implies That

question 19

Multiple Choice

If firms are price takers this implies that

• A)in the short-run economic profits will be zero.
• B)the demand curve facing the firm is perfectly elastic.
• C)the total revenue curve is horizontal.
• D)the marginal revenue curve is upward sloping.

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Definitions:

General Category

A broad classification or grouping that encompasses a wide range of items, concepts, or phenomena sharing common characteristics.

Business Messages

Communication conveyed through various formats (emails, memos, reports) intended for business contexts.

Planning Tasks

The process of defining and organizing activities or steps required to achieve a specific goal or objective within a set timeframe.

Defining Purpose

Establishing the main goal or objective of an activity, project, or piece of work.