A Price Taker Is a Firm That

question 22

Multiple Choice

A price taker is a firm that

• A) seeks to maximize revenue rather than profit.
• B) cannot influence the market price.
• C) searches for the best price and then takes the highest profits possible.
• D) buys inputs for firms.

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Definitions:

Organisational Objectives

The specific, measurable, and achievable goals that an organization aims to accomplish within a set timeframe to fulfill its mission.

Division of Labour

The assignment of different parts of a manufacturing process or task to different individuals in order to improve efficiency.

Collection of Tasks

A set of activities or assignments grouped together, often aiming to achieve a particular goal or outcome.

Job Involvement

Defined as the extent to which an individual is dedicated to a job.