Which type of firm has no control over its price?
A. price setter
B. price maker
C. zero price setter
D. price taker
Answer: D
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
An import quota is
A) a quantity restriction. B) a price ceiling. C) a price floor. D) something imposed on agricultural goods grown by American farmers.
P5
What will be an ideal response?
A tariff on a particular good does which of the following?
A. It increases the net-of-tariff price received by foreign producers. B. It increases the price of the good to domestic consumers. C. It redistributes income away from domestic producers toward domestic consumers. D. none of the above