Which of the following statement is correct? A. Both a competitive firm and monopolist are price takers. B. A competitive firm is a price taker, whereas a monopolist is a price maker. C. A competitive firm is a price maker, whereas a monopolist is a price taker. D. A competitive firm and a monopolist are price makers.
Which of the following statement is correct? A. Both a competitive firm and monopolist are price takers. B. A competitive firm is a price taker, whereas a monopolist is a price maker. C. A competitive firm is a price maker, whereas a monopolist is a price taker. D. A competitive firm and a monopolist are price makers.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Which of the following statement is correct?
A. Both a competitive firm and monopolist are price takers.
B. A competitive firm is a price taker, whereas a monopolist is a price maker.
C. A competitive firm is a price maker, whereas a monopolist is a price taker.
D. A competitive firm and a monopolist are price makers.
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