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
Value chain analysis is a tool used to: a. identify the firm's core competencies in each of the primary activities of the firm. b. analyze a firm's value chain activities and support functions in isolation from its competitors' value chain. c.
Answers (1)
Which fact provides clear evidence that the Maya were influenced by the Olmec? Both cultures used local basalt rock for sculptures. The two peoples lived in the same region. The Maya played an Olmec-style ball game.
Answers (1)
As a new entrepreneur, anthony's magic number for 2013 is $42,000. if the current tax rate for his business is 30 percent, calculate the amount that anthony's firm would need to sell for him to get his magic number.
Answers (1)
Pharoah Corporation issued 2,000 $1,000 bonds at 101. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 99, and the warrants had a market price of $48. 1.
Answers (1)
Select the items that describe incentives. can be rewards or penaltiesinfluence future actionsencourage people to actcan be monetary or non-monetary
Answers (1)
New Questions in Business
A company's adjustment for uncollectible accounts at year-end would include a: A. Credit to Accounts Receivable. B. Debit to Bad Debt Expense. C. Debit to Accounts Receivable. D. Debit to Allowance for Uncollectible Accounts.
Answers (1)
Dermody Snow Removal's cost formula for its vehicle operating cost is $3,000 per month plus $330 per snow-day. For the month of December, the company planned for activity of 24 snow-days, but the actual level of activity was 26 snow-days.
Answers (2)
Which statement applies to the commodities exchange
Answers (1)
Klose outfitters inc. believes that its optimal capital structure consists of 60% common equity and 40% debt, and its tax rate is 40%. klose must raise additional capital to fund its upcoming expansion.
Answers (1)
Suppose a new and more liberal Congress and administration are elected. Their first order of business is to take away the independence of the Federal Reserve System and to force the Fed to greatly expand the money supply.
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?