Price takers are individuals in a market who:

A) select a price from a wide range of alternatives.
B) select the lowest price available in a competitive market.
C) select the average of prices available in a competitive market.
D) have no ability to affect the price of a good in a market.

Question

Faryal Yaqub · Accepted Answer

Final Answer : D, Explanation :  Price takers are individuals or firms who have no ability to affect the price of a good in the market. They must accept the market price as given and cannot influence it through their own actions. They are typically small players in a large and competitive market, and must adjust their own production or consumption decisions to match the prevailing market price.

Price takers are individuals in a market who:

A) select a price from a wide range of alternatives.
B) select the lowest price available in a competitive market.
C) select the average of prices available in a competitive market.
D) have no ability to affect the price of a good in a market.

Definitions

Learning Objectives

Learning Objectives

Related questions

Price takers are individuals in a market who:A) select a price from a wide range of alternatives.B) select the lowest price available in a competitive market.C) select the average of prices available in a competitive market.D) have no ability to affect the price of a good in a market.

Definitions

Learning Objectives

Learning Objectives

Related questions

Price takers are individuals in a market who:

A) select a price from a wide range of alternatives.
B) select the lowest price available in a competitive market.
C) select the average of prices available in a competitive market.
D) have no ability to affect the price of a good in a market.