In the economic world of production, there are either price makers or price takers. By price takers we mean that
a. firms buy goods as well as sell them, and when they buy goods at whatever price, they play the role of "takers"
b. firms take control of their own markets, charging whatever price they think the market will bear
c. firms take the market price as given
d. firms create the price and consumers either take it or leave it
e. the market takes whatever price the firms charge, which is how the downward-sloping demand curve is created
C
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The higher the price of a foreign currency, the more expensive that foreign country's goods and services are to individuals in the domestic economy
a. True b. False
If the price of land is zero,
a. the supply of land is a horizontal line b. rent is zero and land is a free good c. the MRP curve is positively sloped d. land rents are positive e. demand for land is relatively high