If an individual firm in a market is a price taker, then:
a. it faces a horizontal demand curve.
b. it is operating in a monopolistically competitive market.
c. it sells its product at the market price that is solely determined by the buyers.
d. it faces a positively sloped marginal revenue curve.
e. it faces significant barriers to exit from the market.
a
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Consumer choice theory predicts that, with identical consumers, pay-as-you-go social security
A) always makes all generations worse off. B) makes some generations better off, and cannot make any generation worse off. C) may make some generations worse off and cannot make any generation better off. D) may be Pareto improving.
In the United States, monetary policy is the responsibility of the:
A. U.S. Treasury. B. Department of Commerce. C. Board of Governors of the Federal Reserve System. D. U.S. Congress.