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 ____.
In theory, list prices are the highest charged for an item. In practice, however, some merchants inflate suggested prices. They hold their fees high, thus giving the impression that the expensive charge is the list price. A few days later, they lower the price to the real list price, giving the impression that the item is now discounted.