If a company is a price-taker, it has considerable flexibility in setting its products' prices.

Name: If a company is a price-taker, it has considerable flexibility in setting its products' prices.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If a company is a price-taker, it means that it has no control over the market price of its products and must accept the prevailing price determined by market forces. Therefore, it has limited or no flexibility in setting its products' prices.

If a Company Is a Price-Taker, It Has Considerable Flexibility