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 ____.
Perfectly competitive firms are small in size in relation to the market size â and none of these firms control the market. Perfectly competitive firms are also referred to as price takers.. A monopolist firm, on the other hand, is larger and controls the entire market for its industry.