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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

The term “price taker” can apply to buyers as well as to sellers. A price-taking buyer is a buyer who cannot influence price by changing the amount she buys. What goods do you buy for which you are a price taker? What goods do you buy for which you are not a price taker?

To determine

Goods that are consumed by a price-taking buyer.

Explanation

The term “price taker” can apply in both sellers and buyers. A price-taking buyer is a person who is not able to make changes in the amount he buys. Generally, the average consumers are price takers...

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