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 ____.
DEFINITION of 'Competitive Pricing'. Setting the price of a product or service based on what the competition is charging.Competitive pricing is used more often by businesses selling similar products, since services can vary from business to business while the attributes of a product remain similar.REAKING DOWN 'Competitive Pricing'. Businesses have three options when setting the price for a good. They can set it below the competition, at the competition or above the competition.