Price taker in perfect competition
State how is a single buyer a price taker in the perfect competition? Answer: A single buyer’s share in total market demand is too significant that the buyer can’t affect the market price on his own by altering his demand.
State how is a single buyer a price taker in the perfect competition?
Answer: A single buyer’s share in total market demand is too significant that the buyer can’t affect the market price on his own by altering his demand.
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Consider goods for that various people are willing and capable to pay much more than the costs of production therefore widespread shortages exist. International federal or agreements, state and local laws as well as regulations are probably key factor
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