The term _________________ refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product.
A. price setter
B. business entity
C. price taker
D. trend setter
Answer:C
The term _________________ refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product.
A. price setter B. business entity C. price taker D. trend setter
Explanation: 2. ______________________ refers to the additional revenue gained from selling one more unit.