A price taker 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: A
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In 2014, some European countries were dealing with a recession. Workers who were laid off in those countries due to the economic downturn would be
A) frictionally unemployed. B) structurally unemployed. C) cyclically unemployed. D) seasonally unemployed.
An increase in the money supply, other things being constant
A) causes interest rates to rise. B) generates an increase in the demand for money. C) causes the price level to increase. D) causes the purchasing power of money to increase.
Which of the following is an example of investment spending?
a. The Miller Company buys a used van to make deliveries. b. The Rodriguez family buys stock in the Bonanza Corporation. c. Claude invests his holiday bonus in rare comic books. d. The Gregor Bakery Company spends its profits on new ovens.
A good is rivalrous in consumption if
A. its consumption by one person reduces its consumption by others. B. it can be used to satisfy many needs (as compared to just one need). C. it can be used to satisfy many wants (as compared to just one want). D. its consumption by one person increases its consumption by others. E. a and c