Examlex
The duties of a specialist include which of the following?
I.maintain an orderly market
II.offer a higher bid price than the floor brokers
III.provide liquidity to the market
IV.purchase all shares offered as limit sells
Price-Taker Firm
A business that has no control over the market price of its products and must accept the prevailing market price.
Economic Profit
The difference between a firm's total revenue and its total costs, including both explicit and opportunity costs.
Opportunity Cost
The highest valued alternative that must be sacrificed as a result of choosing an option.
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