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 ____.
1 However, too low a price may lead customers to think you are selling a low quality âbudget productâ. 2  Competitors. 3  A business takes into account the price charged by rival organisations, particularly in competitive markets. 4  Competitive pricing occurs when a firm decides its own price based on that charged by rivals.