In a Perfectly Competitive Market the Term "Price Taker" Applies

question 226

Multiple Choice

In a perfectly competitive market the term "price taker" applies to

• A) sellers and buyers.
• B) firms but not buyers.
• C) buyers but not sellers.
• D) only the smallest sellers and buyers.

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Definitions:

Simp

In colloquial use, shorthand for 'simpleton'; in internet culture, someone overly submissive to someone they're attracted to without reciprocation.

Conj

A conjunction is a logical operator that connects two statements in a way that the resulting statement is true only if both connected statements are true.

MP

Modus Ponens, a fundamental rule of logical deduction allowing one to derive a conclusion from a conditional statement and its antecedent.

Conj

A shortened form of conjunction, referring to a grammatical connector between words, phrases, or clauses.