The term price taker is used to describe a situation in which consumers have no influence over the market price for a good or service and must take whatever price is set by the economically powerful firms

When there are sustained increases in real GDP over time, we say that the economy is undergoing

A) a recession. B) economic growth. C) massive changes in productive capacity. D) economic stagnation.

Julie's demand curve for video downloads is downward sloping because as the price of a download decreases, ________ and she watches ________ videos

A) the slope of her budget line changes; fewer B) her budget line shifts inward; fewer C) the slope of her budget line changes; more D) her budget line shifts outward; more