A price taker is Question 11 options: an individual seller in a commodity market

Question

A price taker is

Question 11 options:

an individual seller in a commodity market

a monopoly firm

the electric company as their rates are set by the Public Utilities Commission

a firm that has a brand name

In a market system, resources flow from lower-valued uses to higher-valued uses because of

Question 12 options:

the dictates of the government.

the desires of business to make a profit.

first come, first served.

the consumer is always right.

Specialization according to comparative advantage can

Question 13 options:

generate more output than being self-sufficient

make economies be less dependent on others

is very costly and hard to implement

cause too much of one type of good to be produced

Which of the following influence the level of wages?

Question 14 options:

Training and Education

Amount of time required to be away from home

Risk of the occupation

All of these

A compensating wage differential is a wage difference that

Question 15 options:

makes up for the high risk or poor working conditions of a job.

results because of women and minorities being paid less.

leads to more risks taken on the job.

is attributable to different demands for labor.

an individual seller in a commodity market

a monopoly firm

the electric company as their rates are set by the Public Utilities Commission

a firm that has a brand name

In a market system, resources flow from lower-valued uses to higher-valued uses because of

Question 12 options:

the dictates of the government.

the desires of business to make a profit.

first come, first served.

the consumer is always right.

Specialization according to comparative advantage can

Question 13 options:

generate more output than being self-sufficient

make economies be less dependent on others

is very costly and hard to implement

cause too much of one type of good to be produced

Which of the following influence the level of wages?

Question 14 options:

Training and Education

Amount of time required to be away from home

Risk of the occupation

All of these

A compensating wage differential is a wage difference that

Question 15 options:

makes up for the high risk or poor working conditions of a job.

results because of women and minorities being paid less.

leads to more risks taken on the job.

is attributable to different demands for labor.

Explanation / Answer

(Question 11) Option (1)

An individual firm in a commodity market has little market power and cannot influence market price, so it accepts the market determined price as its own price.

(Question 12) Option (2)

Businesses make profit by buying (or producing) at lower price and selling at higher price, the difference being equal to profit.

(Question 13) Option (1)

If countries specialize in and export goods in which they have comparative advantage, and imports goods in which they have comparative disadvantage, total output will be higher than pre-trade output.

(Question 14) Option (4)

All these factors affect labor supply, impacting market wage.

(Question 15) Option (1)

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