Ask Question
BusinessBusiness
24 January, 21:31

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

+4
Answers (1)
  1. 24 January, 21:37
    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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Jarrett Baker is the founder of an enterprise software company located in Chevy Chase, Maryland. By looking at the income statements for Jarrett's business over the past 3 years, you see that its working capital has declined from $42,400 in 2012 to
Answers (1)
Each unit produced costs the company $8.00, and it is sold for $10.00. How much will the company gain or lose in a month if they stock the expected number of units demanded but sell 2000 units?
Answers (1)
an Indiana real estate licensee, embezzled $10,000 from client A, $20,000 from client B, and $25,000 from client C. All three clients received final judgments and payments out of the Indiana Recovery Fund. How much money will each client receive?
Answers (2)
The price of a hairpiece was increased from $500 to $550. what was the percent of increase? 9.1%. 10%. 20%. 25%. none of these.
Answers (1)
A distinctive feature of the FIFO process costing method is that the work done on beginning inventory before the current period is kept separate from work done in the current period. a. Weighted-average b. FIFO c. Both a and b d. Alternate
Answers (1)
New Questions in Business
Friendly's Quick Loans, Inc., offers you "eight for ten or I knock on your door." This means you get $8 today and repay $10 when you get your paycheck in one week (or else).
Answers (1)
Shoeleather costs arise when higher inflation rates induce people to:a. spend more time looking for bargains. b. spend less time looking for bargains. c. hold more money. d. hold less money.
Answers (1)
Lewis Inc. had the following information taken from various accounts for 2015: Sales Discounts $41,000 Unearned Revenue $32,000 Total Sales $459,000 Purchase Discounts $15,000 Sales Allowances $35,000 Accounts Receivable $205,000 What was Lewis Inc.
Answers (1)
True or False: The basic economic theory of supply and demand suggests that when price drops, consumers will buy more and thus generate stronger demand.
Answers (1)
If you think carefully about what you're doing, always ask for advice when you need it, and keep asking questions, starting a business can be
Answers (2)
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?