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What Is a Price Taker? Discuss the Assumptions Used to Obtain

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What is a price taker? Discuss the assumptions used to obtain the perfectly competitive model.


Definitions:

Internal Spur Gear

A type of gear with straight teeth located on the internal surface of a cylindrical or ring-shaped component, used to transmit motion or power within a confined space.

Flex Plate

A metal disc that connects the engine to the torque converter in automatic transmission vehicles, facilitating power transfer.

Starter Motor Pinion

A gear on the starter motor that engages with a gear on the engine to crank the engine during starting.

Freewheel

Freewheel refers to a mechanism in a bicycle, motorcycle, or vehicle allowing the wheels to rotate freely without engaging the drivetrain, especially when moving downhill or when not pedaling.

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