12) A price-taking firm A) cannot influence the price of the product it sells. B) talks to rival firms to determine the best price for all of them to charge. C) sets the product's price to whatever level the owner decides upon. D) asks the government to set the price of its product.
12) A price-taking firm A) cannot influence the price of the product it sells. B) talks to rival firms to determine the best price for all of them to charge. C) sets the product's price to whatever level the owner decides upon. D) asks the government to set the price of its product.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter3: Your Role As A Consumer
Section: Chapter Questions
Problem 5AA
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![12) A price-taking firm
A) cannot influence the price of the product it sells.
B) talks to rival firms to determine the best price for all of them to charge.
C) sets the product's price to whatever level the owner decides upon.
D) asks the government to set the price of its product.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc0ba5d1a-a33e-4d8d-a225-0ec87f52bb48%2F5a053e8b-b3d0-458a-a16e-9255c1b24ca1%2F7wajf7e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12) A price-taking firm
A) cannot influence the price of the product it sells.
B) talks to rival firms to determine the best price for all of them to charge.
C) sets the product's price to whatever level the owner decides upon.
D) asks the government to set the price of its product.
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