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Price-Taker
A price-taker is a buyer or seller who must accept the prevailing market price and has no power to influence it. This situation typically arises for buyers when there are many other buyers in the market. For sellers, it occurs when there are numerous other sellers offering an identical product. Since they cannot affect the price, price-takers can buy or sell as much of the item as they want at the market rate, unable to benefit from attempting to trade at a different price.
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Economics
CORE Econ
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
Ch.8 Supply and demand: Markets with many buyers and sellers - The Economy 2.0 Microeconomics @ CORE Econ
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Learn After
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