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 ____.
9) Firms in a perfectly competitive market: B) sell homogeneous products. 11) In a market for a homogeneous good, if sellers and buyers can enter or exit a market freely , the market is most likely: D) a perfectly competitive market. 2) What is the characteristic of a perfectly competitive firm that causes it to be a price taker?