Questions
2251-ECON-301-01Z-J1-1027 Quiz 1 (1% of Course Grade) - Chapter 2 - Budget Constraint
Multiple dropdown selections
By saying consumers are “small”, it means that they have no control over prices. Or in other word, they are [ Select ] price setters price takers and they will treat the market price as [ Select ] endogenous exogenous unknown .
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Step-by-Step Analysis
The question presents a sentence with three blanks to fill with corresponding options.
First blank: The phrase 'they have no control over prices' correctly maps to the option 'have no control over', because in microeconomics, a large number of individual consumers are considered small relative to t......Login to view full explanationLog in for full answers
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