Under which market firm a is price taker

Arts

1 answer:

lara [203]3 years ago

5 0

Answer:

Price Takers

Firms in perfect competition are price takers

All businesses have to accept the price that is set by the market

Firms are not able to set their own price

Price Makers

As pure monopolies rarely exist having one firm as a price maker is unlikely

If firms are able to set prices in a market the extent to which they can is influenced by price elasticity for that market, the more inelastic the demand for a product the more a firm can set the price

Explanation:

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