A Firm Is a Price Taker If It

question 50

Multiple Choice

A firm is a price taker if it

• A)always sells its output at the industry-determined price.
• B)takes consumer demand into consideration in setting its price.
• C)takes its production costs into consideration in setting its price.
• D)uses a pricing strategy to gain market share.

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Definitions:

Implementation

Implementation involves putting a plan, decision, or method into effect in order to achieve an outcome or complete a process.

Process Innovation

The development of new or improved procedures, techniques, or systems in an organizational operation to enhance efficiency or quality.

Employee Innovation

The process by which employees contribute new ideas, processes, or improvements to their organization.

Organic Structures

Organizational structures characterized by flatness, low specialization, low formalization, and decentralization.