A purely competitive seller is:
A. both a "price maker" and a "price taker."
B. neither a "price maker" nor a "price taker."
C. a "price taker."
D. a "price maker."
Answer: C
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In the market for loanable funds, the seller is considered to be
A) the lender. B) the borrower. C) the lender or the borrower depending upon the use to which the funds are put. D) the lender or the borrower depending upon whether interest rates are rising or falling.
A firm purchases a factor of production in a competitive market. At the current purchase rate the MRP of the factor is greater than the marginal expenditure for the factor. Thus, the firm
A) can increase profit by reducing the employment of the factor of production. B) is now maximizing profit. C) should not use this factor of production because it has no potential in generating a profit. D) can increase profit by expanding the employment of the factor of production.
Refer to Table 19-20. Given the following information, calculate the rate of increase in the price level from 2015 to 2016
A) 8.6% B) 7.9% C) -7.9% D) -8.6%
In the 1940s and 1950s, about one-third of U.S. workers belonged to unions, but today, only about one-fifth of U.S. workers belong to unions
a. True b. False Indicate whether the statement is true or false