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 ____.
Sellers must take the existing market price and they will adjust the quantity of their products so as to maximize profit at the market price. Because sellers must take the current market price, a purely competitive market also is called a price takers market. Price-Searcher Markets.