Who Are the Price Takers in a Perfectly Competitive Market

question 152

Multiple Choice

Who are the price takers in a perfectly competitive market?

• A) both the buyers and the sellers
• B) the buyers
• C) neither the buyers nor the sellers
• D) the sellers

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Definitions:

Rival

An entity competing against another for the same objective or for superiority in the same field of activity.

Excludable

A feature of a product or service enabling its owner to exclude others from usage unless payment is received.

Property Rights

The legal rights to possess, use, and dispose of assets, including property and intellectual property.

Allocate Resources

The process of assigning available assets, time, and effort to various tasks or purposes in order to achieve specific goals.