Ask Question
BusinessBusiness
28 November, 12:46

consumers ina competative market are considered to be price takers because each tends to buy of the total amount of a produced good

+1
Answers (1)
  1. 28 November, 14:35
    0
    Answer: False

    Explanation: In simple words, competitive market refers to the market structure in which there are large number of buyers and sellers, individual operating at a small level.

    Due to the high number of buyers and sellers in the market no individual participant is able to impact or fix prices. All the buyers and sellers have to trade on prices that are determined by the market forces of demand and supply.

    Consumers are price takers in such a market as no individual consumer has the ability to trade in all of the stocks and one only deals with a minor portion of the total business available. Thus, from the above we can conclude that the given statement is incorrect.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “consumers ina competative market are considered to be price takers because each tends to buy of the total amount of a produced good ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Explain why a single commercial bank can safely lend only an amount equal to its excess reserves but the commercial banking system can lend by a multiple of its excess reserves.
Answers (1)
Michael noticed that all the fish in his aquarium direct their mouths toward the top of the tank when he walks by. this is most likely an example of:
Answers (1)
If you receive to much change from a clerk, what would you do?
Answers (2)
What is the recommended way to determine if a baby requires supplemental oxygen in the delivery room?
Answers (1)
The set of activities required to first identify a need, assign a supplier to meet that need, approve the specification or scope, acknowledge receipt, and submit payment to the supplier" is the definition of A. electronic funds transfer (EFT). B.
Answers (1)
New Questions in Business
Suppose that dunkin donuts solicited a group of customers to provide feedback on its products over time; for example, completing a survey every six months over a period of years. what marketing research technique would this represent?
Answers (1)
The act of purposely failing to pay taxes is known asThe act of purposely failing to pay taxes is known as withholding. tax evasion. a progressive system. a tax penalty.
Answers (1)
Rich, Inc. acquired 30% of Doane Corporation's voting stock on January 1, 2018 for $1,000,000. During 2018, Doane earned $400,000 and paid dividends of $250,000.
Answers (1)
Suppose a firm in each of the two markets listed below were to increase its price by 25 percent. In which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not? A.
Answers (1)
The right of ___ is when businesses can compete against each to sell their goods and services to buyers. private property competition freedom of choice demand
Answers (1)
Home » Business » consumers ina competative market are considered to be price takers because each tends to buy of the total amount of a produced good
Sign Up Forgot Password?