Buyers and sellers who have no influence on market price are referred to as

Question

Quizplus · Accepted Answer

Price takers are buyers and sellers who cannot influence the market price as they have no market power. They have to accept the market price as given and adjust their quantity accordingly. Monopolists, on the other hand, have market power and can influence the market price. Market pawns is not a commonly used term in economics, and price makers are also those who have market power and can influence the market price.

Buyers and Sellers Who Have No Influence on Market Price