--%>
Assignment Help - homework help

Meaning of price taker

To be a price taker implies: (w) the larger firm in the industry will set the price for all other firms. (x) the entire market (industry) sets the price for all firms to take. (y) each firm takes the price as specified by the government. (z) firms take any price consumers offer.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

   Related Questions in Microeconomics

  • Q : Minimum possible economic losses Hello

    Hello guys I want your advice. Please recommend some views for below illustrated figure of Economics problem that for this profit-maximizing pure competitor, area Pbgh signifies: (1) fixed cost (TFC). (2) average fixed cost (AFC). (3)

    		•
  • Q : Slope of ray by origin in price

    The slope of the ray by the origin which is tangent to point b equivalents to: (w) the reciprocal of the price elasticity of demand. (x) P / Q. (y) 0a / 0c. (z) the price elasticity of supply.

    Q : Estimate price cross-elasticities of

    When the prices rise of Comfort shoes rise through two percent, causing Wonder sock sales to fall through six percent, these goods are _____, and _____ is about the cross price elasticity of demand. (1) luxuries;  6. (2) necessities; 2. (3) subst

    		•
  • Q : Firms in industry change When the firms

    When the firms are earning abnormal gains, how will the number of firms in industry change? Answer: The number of firms in industry will tend to rise.

    		•
  • Q : Minimize average total costs

    LoCalLoCarbo that is Favorite Corporation of fad dieters, which can minimize its average total costs near producing: (i) output q1 at point a. (ii) output q2 at point b. (iii) output q3 at point e. (iv) output q4 at point f. (v) output q5 at point g.<

    		•
  • Q : Total revenue and price variation in

    While total revenue decreases because of an increase within price the firm is operating into the_________ portion of consumers' demand curve. (1) relatively elastic. (2) relatively inelastic. (3) unitary elastic. (4) perfectly inelast

    		•
  • Q : Charging price by long run operating

    Most monopolists whom continue to operate in the long run are capable to charge a price as: (w) greater than minimum average total costs [ATC]. (x) less than MR. (y) less than marginal costs [MC]. (z) less than which of a pure competitor along with si

    		•
  • Q : Effect of national income on Normal

    A possible demonstration for economy-wide rises in demands for such goods as latest cars and clothes would be that: (1) National income has risen. (2) The economy is fall into recession. (3) The prices of the goods go up. (4) Prices were cut for the c

    		•
  • Q : Question on elasticity of demand Select

    Select the right ans wer of the question. The demand for agricultural products is: A) relatively elastic with respect to price. B) relatively inelastic with respect to price. C) relatively elastic with respect to income. D) downward sloping to the individual farmer, b

    		•
  • Q : Enhancing society economic efficiency

    Society-extensive economic efficiency is most probable to be improved by: (1) competitive advertising. (2) cooperation between firms in a cartel. (3) increases in asymmetric information. (4) informative advertising. (5) wage and price controls. <

    		•