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When economists say that a firm is a "price taker" they mean that

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When economists say that a firm is a "price taker" they mean that

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.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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