A firm that is a price taker can
a. substantially change the market price of its product by changing its level of production.
b. sell all of its output at the market price.
c. sell some of its output at a price higher than the market price.
d. decide what price to charge for its product.
B
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If a consumer in UK buys a camera from a manufacturer in the U.S., everything else remaining unchanged, ________
A) the UK's net factor payment from abroad will fall B) there will be a deficit in U.S.'s financial account C) the U.S.'s net exports will increase D) the U.S.'s net transfer payment will increase
As more people started using fax machines, fax machines became more valuable to individual users. This is an example of a(n) ________
A) moral hazard B) adverse selection C) network externality D) negative externality