If Every Firm in a Market Is a Price Taker,then

question 52

Multiple Choice

If every firm in a market is a price taker,then which of the following is true?

• A)There are numerous sellers in the market.
• B)There are no substitutes of the products sold in the market.
• C)There is limited resource mobility.
• D)There are few consumers for the product being sold in the market.
• E)A few firms in the market have market power.

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Definitions:

Empathy

The ability to understand and share the feelings of another, allowing for deeper connections and compassion towards others.

Feel

Experience or become aware of (an emotion or sensation).

Conformity

involves adjusting one's behavior or thinking to align with group norms or expectations, often due to real or imagined social pressure.

Obedience

The act of following orders or directives from authority figures, often studied in social psychology to understand the extent and limits of social influence.