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 ____.
In most markets, firms are price-takers. If firms charge higher than market prices for their products, consumers simply purchase from a different seller, highlighting how firms are price-taking to the extent that they sell identical (substitutable) goods or services as their competitors.