Buyers and sellers who have no influence on market price are referred to as
a. market pawns.
b. monopolists.
c. price takers.
d. price setters.
c
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Explain and show graphically the effect of an increase in the expected inflation rate on the equilibrium exchange rate, everything else held constant
What will be an ideal response?
Refer to Figure 14.2. Hurricane Katrina was responsible for destroying a large portion of oil and natural gas refining capacity on the Gulf coast in 2005. Other things equal, this would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point B to point C. D) point A to point C.
When the marginal revenue product of an input is less than its price, the
a. producer should expand the use of that input. b. price of the input will automatically rise in a free market. c. producer should reduce the use of that input. d. marginal physical product of that input must be below its average physical product.
Income per person in the United States is approximately ____ that of Sierra Leone, Malawi, and Niger, three of the world's poorest countries
Fill in the blank(s) with the appropriate word(s).