Name One Industry in Which Firms Are Price-Takers

question 19

Essay

Name one industry in which firms are price-takers. Name one industry in which firms are not price-takers. Suppose you set up a business where you sell lemonade on a street. Would you be a price-taker or a price-maker?

---

Definitions:

Administrative Services

Services provided within an organization to support its operations, usually including tasks like clerical work, maintenance, and logistics.

Small Businesses

Businesses with limited revenue and number of employees, typically seen as privately owned corporations, partnerships, or sole proprietorships.

Intrapreneurship

Intrapreneurship is entrepreneurial behaviour displayed by people or subunits within large organisations.

Entrepreneurial Behaviour

refers to the attitudes, actions, and strategies that entrepreneurs apply to initiate and manage a venture, including risk-taking and innovation.