Asked by
Shannon Joachimstaler
on Nov 17, 2024
Verified
When buyers in a competitive market take the selling price as given, they are said to be
A) price takers.
B) market entrants.
C) monopolists.
D) free riders.
Price Takers
Businesses or individuals that accept the prevailing prices in the market because they do not have enough power to influence them.
Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.
- Explain the position of price takers in a market characterized by competition.
Verified Answer
KH
Learning Objectives
- Explain the position of price takers in a market characterized by competition.
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