Asked by
Kevin Amoros
on Dec 11, 2024
Verified
In a competitive price-taker market, the actions of any single buyer or seller will
A) have a negligible impact on the market price.
B) have little effect on overall production but will ultimately change final product price.
C) cause a noticeable change in overall production and a change in final product price.
D) adversely affect the profitability of more than one firm in the market.
Competitive Market
A market structure characterized by a large number of sellers and buyers where no single party can influence the price.
Market Price
The present value at which a service or asset is available for purchase or sale within a specific market.
- Recognize the features and consequences of functioning within a market where prices are determined by competition.
Verified Answer
SS
Learning Objectives
- Recognize the features and consequences of functioning within a market where prices are determined by competition.