Firms in a competitive market are said to be price takers because there are many sellers in the market, and the goods offered by the firms are very similar if not identical.

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T girls terrell · Accepted Answer

Final Answer : True, Explanation :  In a competitive market, the presence of many sellers offering similar or identical products means that no single firm can influence the market price; they must accept the market price as given, hence they are called price takers.

Firms in a competitive market are said to be price takers because there are many sellers in the market, and the goods offered by the firms are very similar if not identical.

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