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प्रश्न
What is a price taker firm?
उत्तर
A firm which does not have any control over the prevailing market price is known as a price taker firm. In this situation, the price is determined by the market and the firm must accept the prevailing market price to sell the goods.
संबंधित प्रश्न
Explain the implications of the following : Perfect knowledge in perfect competition.
Explain Perfect knowledge about the markets feature of perfect competition.
Under what market condition does Average Revenue always equal Marginal Revenue? Explain.
There are no barriers in the way of firms leaving or joining industry in a perfectly competitive market. Explain the significance of this feature.
Explain the implication of ‘freedom of entry and exit to the firms’ under perfect competition.
In which market form can a firm not influence the price of the product?
Explain how price is determined in a perfectly competitive market with fixed number of firms.
What are the characteristics of a perfectly competitive market?
How is the optimal amount of labour determined in a perfectly competitive market?
Show with the help of a diagram, how a perfectly competitive firm earns a normal profit in short-run equilibrium.
Answer the following question.
Is a firm under perfect competition a price taker, or a price maker? Justify your answer.
Identify the market form and explain the corresponding feature, as given in the following statement:
"The commodity in this market has attributes which are identical for sellers and buyers."
Choose the correct answer from given options
A firm is not a price maker under
Explain the short-run equilibrium of a firm facing losses under Perfect Competition.
A perfectly competitive firm always enjoys normal profit in the long run, irrespective of the situation it faces in the short run. Discuss the statement in brief.
