A price taker is a buyer or seller who:
A) cannot affect the market price.
B) takes the market price and chooses to increase or decrease it.
C) takes prices in the area and averages them together to set the price for his or her good.
D) can affect the market price only when collaborating with other buyers or sellers.

Question

Quizplus · Accepted Answer

A price taker is a buyer or seller who has no control over the market price and must accept the prevailing price in the market. They have to accept the market equilibrium price and cannot influence the price by themselves.

A Price Taker Is a Buyer or Seller Who