Match the term with the appropriate definition.
-Price takers
A) comprised of many buyers and sellers and undifferentiated products
B) have the power to influence the market price and enjoy pricing power
C) intersection of units supplied and units demanded which shows the corresponding price
D) accept the prevailing market price and sell each unit at that given market price

Question

Quizplus · Accepted Answer

Price takers are firms or individuals in a market that must accept the prevailing market price for their product, as they do not have enough market power to influence the price.

Match the Term with the Appropriate Definition