Multiple Choice
A firm characterized as a price-taker:
A) has control over the price it pays, or receives, in the market.
B) sets the price for the market.
C) has no control over the price it pays, or receives, in the market.
D) is not a characteristic of a competitive market.
E) takes the price that is determined from the lowest price consumers are willing to pay for an item.
Correct Answer:
Verified
Correct Answer:
Verified
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