Select all the scenarios in which the buyer is a price taker.[Select your answers carefully as selecting a wrong answer might imply a loss of marks. Thus only select multiple answers if you are rather sure they are correct.]Group of answer choicesA shopper buys clothes at a reduced price during a sale.After buying many cups of coffee at the same café, a regular customer successfully persuaded the café owner to give him a private discount for coffee.None of the other statements is correct.A student buys a bottle of water from a supermarket.A buyer negotiates the price of a second-hand car with its seller.
Question
Select all the scenarios in which the buyer is a price taker.[Select your answers carefully as selecting a wrong answer might imply a loss of marks. Thus only select multiple answers if you are rather sure they are correct.]Group of answer choicesA shopper buys clothes at a reduced price during a sale.After buying many cups of coffee at the same café, a regular customer successfully persuaded the café owner to give him a private discount for coffee.None of the other statements is correct.A student buys a bottle of water from a supermarket.A buyer negotiates the price of a second-hand car with its seller.
Solution 1
The scenarios in which the buyer is a price taker are:
- A shopper buys clothes at a reduced price during a sale.
- A student buys a bottle of water from a supermarket.
In these scenarios, the buyer has no influence over the price of the goods they are purchasing. They must accept the price set by the seller. This is the definition of a price taker. In the other scenarios, the buyer is able to negotiate the price, so they are not price takers.
Solution 2
The scenarios in which the buyer is a price taker are:
- A shopper buys clothes at a reduced price during a sale.
- A student buys a bottle of water from a supermarket.
In these scenarios, the buyer has no influence over the price of the goods they are purchasing. They must accept the price set by the seller. This is the definition of a price taker. In the other scenarios, the buyer is able to negotiate the price, so they are not price takers.
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