Firms that exhibit price-taking behavior
A) wait for other firms to set price, take it as given, and charge a higher price.
B) have outputs that are too small to influence market price and thus take it as given.
C) take pricing behavior in their own hands.
D) are independently capable of setting price.
B
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a. True b. False Indicate whether the statement is true or false
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a. upward sloping b. bowed away from the origin c. does not intersect another indifference curve d. a lower one is preferred to a higher one
If the price of beef rose and the demand for chicken increased, then beef and chicken are:
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Why is the government budget constraint different between the short run and the long run?
What will be an ideal response?