One prolonged blast from the horn of a vessel serves as a warning to other ships that an unseen vessel is in the water. Any vessels within earshot of the prolonged horn blast should reply with a prolonged blast of their own.
A firm is likely to be a price taker whenâ¦.. it sells a product that is exactly the same as every other firm. It represents a small fraction of the total market. Consumers are usually price takers when they buy most goods and services because ____, while relatively few firms are price takers because ____.
Total revenue, top to bottom: 0; $2; $4; $6; $8; $10. Marginal revenue, top to bottom: $2, throughout. (a) The industry is purely competitiveâthis firm is a âprice taker.â The firm is so small relative to the size of the market that it can change its level of output without affecting the market price.