taker markets differ from price searcher markets because
in a price taker market:
a) Firms produce identical products.
b) Output from one firm has very little effect on
the market price.
c) Sellers face a perfectly elastic (horizontal) demand
d) All of these are characteristics of a price takers
e) None of these are characteristics of a price takers
The correct answer is d.
A price taker is a firm that can alter its rate of
production and sales without significantly affecting
the market price of the product because their output
is small compared to the overall market.
a Price Taker? -
learn more about a price taker.
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