Which of the following statements is true?

Question

Quizplus · Accepted Answer

Price-takers are companies that have little or no control over the prices of their products or services. In situations where there are intense competition, companies become price-takers, and they may have to price their products at the same level as their competitors. Companies may also become price-takers when the pricing approach is cost-plus pricing, where the price is set at a level that covers the cost of production plus a profit margin. However, when companies have unique products, they have some control over the price, and they can set prices at a level that reflects the uniqueness of their products.

Which of the Following Statements Is True