What's it: A price taker refers to a firm that cannot influence market prices and can only set an output price at the market price. All firms in perfect competition are price taker. Conversely, in imperfectly competitive markets, some firms
Perfect Competition
Perfect Competition: Characteristics, and Implications
What's it: Perfect competition is a theoretical market structure concept with many companies producing identical goods or services. In other words, each company offers goods that substitute each other entirely. The perfect competition enables