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 ____.
Many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market. The interaction of market demand and supply because firms and consumers are price takers. Buyer or seller that is unable to affect the market price. When are firms likely to be price takers?