Consumers and firms are known as price takers only if

Name: Consumers and firms are known as price takers only if
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Question

Quizplus · Accepted Answer

Price takers are those who cannot unilaterally affect the market price. In other words, they must accept the prevailing market price as given and adjust their behavior accordingly. Both consumers and firms are considered price takers in most markets, as they do not have enough market power to set or influence prices on their own. Therefore, options A, B, and D are incorrect.

Consumers and Firms Are Known as Price Takers Only If