Asked by
Dounia bassioni
on Nov 17, 2024
Verified
Who is a price taker in a competitive market?
A) Buyers only
B) Sellers only
C) Neither buyers nor sellers
D) Both buyers and sellers
Price Taker
refers to a market participant who does not have the ability to influence prices and must accept the market price as given.
Competitive Market
A market structure characterized by a large number of buyers and sellers where no single entity can dictate prices.
- Elucidate the function of price takers within a competitive marketplace.
Verified Answer
BM
Learning Objectives
- Elucidate the function of price takers within a competitive marketplace.
Related questions
When Buyers in a Competitive Market Take the Selling Price ...
Firms in a Competitive Market Are Said to Be Price ...
Because There Are Many Buyers and Sellers in a Perfectly ...
In Competitive Markets, Firms That Raise Their Prices Are Typically ...
Which Characteristic Would Best Be Associated with Pure Competition ...