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Title: When economists say that a firm is a "price taker" they mean that Post by: maryanne.jones3 on Oct 3, 2022 When economists say that a firm is a "price taker" they mean that
▸ the firm can alter the market price as it changes its rate of production. ▸ the demand curve that the firm faces is perfectly inelastic. ▸ the firm can alter its rate of production and sales without affecting the market price of the product. ▸ at the price prevailing in the market, the firm will be willing to sell an infinite quantity. ▸ the firm initially takes price as given and tries to influence it through advertising. Title: When economists say that a firm is a "price taker" they mean that Post by: olsondi on Oct 3, 2022 Content hidden
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