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 ____.
Normally, the smaller firms âfollow the leaderâ, and change their pricing strategy, according to the leader irrespective of their demand and changed cost. With a going-rate pricing method, companies feel secure as they are sure to get the customers because of the same rates prevailing in the industry.