If Buyers and Sellers in a Certain Market Are Price

question 41

Multiple Choice

If buyers and sellers in a certain market are price takers,then individually

• A)they have no influence on market price.
• B)they have some influence on market price but that influence is limited.
• C)buyers will be able to find prices lower than those determined in the market.
• D)sellers will find it difficult to sell all they want to sell at the market price.

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Definitions:

Log Transformation

A mathematical operation that replaces a variable with the logarithm of that variable to help normalize data or manage skewed distributions.

Arcsin Transformation

A data transformation technique used to stabilize the variance when the data follow a binomial distribution.

Categorical Variable

A variable that can take on one of a limited, and usually fixed, number of possible values, assigning each individual to a particular group or nominal category.

Quantitative Variable

A type of variable that represents measurable quantities and can be expressed in numeric values.