A price taker is a buyer or a seller who:
A. takes the market price as given.
B. buys or sells only at a price where profits can be made.
C. accepts whatever price that the government legislates as the price of the good or service.
D. has the ability to influence the equilibrium price in the market.
Answer: A
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When demand is inelastic,
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
Terrell, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is
a. counted as part of the labor force. b. considered frictionally unemployed. c. an underemployed worker. d. not counted as part of the labor force. e. considered as productively active.