Question

Consumers and firms are known as price takers only if A. they can set the market price. B. they cannot affect the market price. C. no market exists to determine the equilibrium price. D. excess demand exists.

Answer 1

Answer:

B. they cannot affect the market price.

Explanation:

Price takers take the price set by the forces of demand and supply. They do not have power to determine the market price.

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