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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A single-price monopoly
A) must practice price discrimination. B) can lower its price for only a few select consumers if it wants to increase its sales. C) will set its price equal to a consumer's willingness to pay. D) must lower the price for all customers if it wants to increase its sales. E) is able to raise its price as high as it wants and consumers must still buy from it because it is a monopoly.
In the loanable funds market, the supply comes from
A) saving, the government budget surplus and international borrowing. B) only saving and the government budget surplus. C) only saving. D) only the government budget surplus and international borrowing.
If the Kyoto Protocol requires developed countries to reduce emissions of greenhouse gases, but developing countries are not required to do so, why might a developed country still agree? Should it?
What will be an ideal response?
If we are currently at point T, we can get to point S in the long run
A. through economic growth over a period of years.
B. immediately by using resources more efficiently.
C. immediately by reducing the unemployment rate.
D. immediately through technological development.