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 ____.
The demand of the product will also configure into the pricing of the product even with a market-based pricing strategy. With a higher demand, the company can offer the product at a higher price. When the demand falls, incentives and other discounts can be offered to keep customer interest.