When buyers in a competitive market take the selling price as given, they are said to be

Name: When buyers in a competitive market take the selling price as given, they are said to be
Brand: Quizplus
Rating: 4.9 (52 reviews)

Question

Quizplus · Accepted Answer

Price takers are individuals or companies in a market structure who accept the prevailing market prices as they do not have the market power to influence prices on their own. This is typical in perfectly competitive markets where numerous buyers and sellers trade homogeneous products.

When Buyers in a Competitive Market Take the Selling Price