As the Sole Producer of a Product or Service, a Company

question 22

Multiple Choice

As the sole producer of a product or service, a company in this form of competition is a:

• A)price taker
• B)price setter
• C)price fixer
• D)price barrier

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Definitions:

Buyers

People or organizations that acquire goods or services.

Income Increase

A rise in the amount of money earned by a person, group, or country, which can affect purchasing power and consumption patterns.

Substitute Good

A product or service that a consumer sees as the same or similar to another product.

Price

The cost associated with obtaining a good or service.