When consumers act as price-takers, we say that they behave
A)irrationally.
B)competitively.
C)rationally.
D)monopolistically.
E)cooperatively.

Question

Quizplus · Accepted Answer

When consumers are price-takers, it means they have no influence over the market price and must accept the prevailing market price. This behavior is typical of competitive markets, where many buyers and sellers exist and no single entity has control over price. Therefore, the most appropriate choice is B, competitively.

When Consumers Act as Price-Takers, We Say That They Behave