Firms for whom the price of the products or services they sell is determined by market conditions and not by the individual decisions of the firms themselves are known as price makers.

Question

Quizplus · Accepted Answer

Firms for whom market conditions determine the price of their products or services are known as price takers, not price makers. Price makers are able to set their own prices based on their individual decisions.

Firms for Whom the Price of the Products or Services