If an Ontario grape stand operates in a perfectly competitive market,that stand's owner will be a:

Question

Quizplus · Accepted Answer

In a perfectly competitive market, there are numerous buyers and sellers with homogenous products. As a result, no single firm can influence the market price, and they must accept the prevailing market price as a given, resulting in the concept of price taking. Therefore, the owner of an Ontario grape stand, who is just one of the many grape sellers in the market, must accept the market price for grapes as given and cannot set the price for their product independently.

If an Ontario Grape Stand Operates in a Perfectly Competitive