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

Question

Quizplus · Accepted Answer

When buyers and sellers in a competitive market take the selling price as given, they are said to be "price takers". This means that they have no control over the price and must accept it as it is determined by the market forces of supply and demand. Monopolists, on the other hand, have the power to set the price in their favor, while market entrants and free riders do not necessarily have any specific relation to the concept of taking a price as given in a competitive market.

When Buyers and Sellers in a Competitive Market Take the Selling