A price maker is a buyer or a seller who:
A. takes the market price as given.
B. buys or sells only at a price where profits can be made.
C. accepts whatever price that the government legislates as the price of the good or service.
D. has the ability to influence the equilibrium price in the market.
Answer: D
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Product differentiation allows a firm to compete with another firm on the basis of
A) efficiency. B) elasticity. C) quality, price, and marketing. D) the level of output and the price. E) demand.
In the table shown above, the total cost of the market basket in 2010 was
A. $6.00. B. $85.00. C. $60.00. D. $8.50.
Under perfect competition, firms produce the ________ level of output because price equals marginal cost.
A. most costly B. greatest C. equitable D. efficient
The official poverty line in the United States is set
A. at three times the cost of the Department of Agriculture's minimum food budget. B. at three times the cost of the Department of Housing's minimum housing allowance. C. at the amount necessary to allow an individual to buy the same market basket of goods that the average urban wage earner can afford. D. equal to one-half the average income in the United States.