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 ____.
Remember that, in perfectly competitive markets, no individual firm has any influence over the market price (since there are many firms and each is a small player in the overall market). Since each firm's product is identical to that of other firms (i.e. products are homogeneous), all firms face the same price.