Which of the Following Statements Is True

question 120

Multiple Choice

Which of the following statements is true?

• A)Price-taking behavior by competitive firms does not have an analogy in the theory of the consumer.
• B)The more competitive a market, the more prices are expected to vary between firms in the market.
• C)Buyers and sellers individually set prices.
• D)A competitive firm is a price-taker.
• E)A competitive firm is a price-maker.

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Definitions:

Bronsted-Lowry Base

A substance that can accept a proton (H+) from another substance, according to the Bronsted-Lowry acid-base theory.

Lewis Base

A Lewis base is a substance that can donate a pair of electrons to form a covalent bond in a chemical reaction.

Nucleophile

A chemical species that donates an electron pair to an electrophile to form a chemical bond in reaction mechanisms.

Electron-Pair Acceptor

A chemical entity that readily accepts a pair of electrons from another species to form a covalent bond, also known as a Lewis acid.