Question: What does it mean to say that a firm is a price taker?

What does it mean to say that a firm is a price taker?

Step by Step Solution

★★★★★

3.44 Rating (176 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To conclude we can say that A firm that is ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

788-B-E-M-E (6688).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

Q:

MACTAR have a series of contracts to resur face sections of motor ways. The scale of the contract means several years work and each motor way section is regarded as a separate contract. Required:...

Q:

What does it mean to say that a corporation intends to do something? Can corporations be punished beyond the value of their assets?

Q:

What does it mean to say that a lawyer must be competent?

Q:

What does it mean to say that a good generates network externalities?

Q:

The following problem applies to a perfectly competitive producer of widgets. A typical producer, say Widget Enterprises Inc., can sell widgets at a constant price of $30/pound. Widget Enterprises...

Q:

1. To say that a firm is a "price taker" means that Select one: a. consumers must pay the price that an individual firm is charging. b. the firm has no control over the market price, and thus needs...

Q:

Economics P What are the four (4) conditions for a perfectly competitive market to exist? 2. "Pizza" is our example below, but it is not a good example of a perfectly competitive market. Why? 3. What...

Q:

2. Pizza" is our example below, but it is not a good example of a perfectly competitive market. Why? 3. What is a good example of a perfectly competitive market? 4. What does it mean that a perfectly...

Q:

To say that a firm is a price taker is to say that the firm cannot influence market prices? True or false.

Q:

Show All your workings. Plots of the yield curve can be useful for: a. Predicting the future course of inflation b. Predicting the future trends in international trade c. Predicting the future course...

Q:

Task02. 1.) What is the main difference between a competitive firm and a monopoly? a. A competitive firm owns a key resource, but a monopoly firm does not. b. A competitive firm is a price taker, and...

Q:

Shauton Company produces two products, Fancy and Plain, and uses a costing system in which all overhead is accumulated in a single cost pool and allocated based on direct labor hours. Shauton's...

Q:

ExpertNet Systems is a start-up company that makes connectors for high-speed Internet connections. The company has budgeted variable costs of $115 for each connector and fixed costs of $4,500 per...

Q:

Find equations of the spheres with center ( 3 , - 1 , 4 ) that just touch ( at only one point ) the following planes. ( a ) x y - plane ( b ) y z - plane ( c ) 2 - plane

Q:

How do you iterate over a container using the STL?

Q:

Refer to Figure 16.11. A 6.0 m high smooth wall retains a c' = ' soil backfill, where c' = 10.5 kN/m 2 , f' = 15, and = 17.5 kN/m 3 . The backfill is sloping at 5. a. Determine the depth of tensile...

Q:

The following data show energy prices and consumption in 198488 (analogous to the data in the chapter for the years 19992003). (a) Construct a Laspeyres price index using 1984 as the base year. (b)...

Q:

Go to ca.finance.yahoo.com/ and enter the ticker symbols for JDS Uniphase (JDSU), Suncor Energy (SU), and BCE Inc. (BCE). Click on Key Statistics link for each one. What are the long-term...

Q:

Using the following time series data, respond to the following items. a. G raph the time series. b. Based on the graph, describe the time series pattern. c. For this time series, why is forecasting...

Q:

Think about a local grocery store operating in your community. To what extent does it consume, produce, distribute, promote, package, and reclaim products in a manner that is sensitive or responsive...

Q:

The Costello Music Company has been in business for five years. During that time, the sales of electric organs have grown from 12 units in the first year to 76 units in the most recent year. Fred...

Q:

Hudson Marine has been an authorized dealer for C&D marine radios for the past seven years. The number of radios sold each year is shown. a. Graph this time series. Does a linear trend appear? b....

Q:

The Garden Avenue Seven sells tapes of its musical performances. The following data show sales for the past 18 months. The groups manager wants an accurate method for forecasting future sales. a. Use...

Q:

i need help For each scenario, list all the numberls) ofany of the diagrams that could satisfy the given situation.There may be more than one diagram satisfying a situation which means you magir be...

Q:

Goodwin Technologies has been wildly successful but has yet to pay a dividend. An analyst forecasts that Goodwin is likely to pay its first dividend three years from now. She expectes Goodwin to pay...

Q:

How many different ID cards can be made if there are three digits on a card and no digit can be used more than once? What if digits can be repeated?