Which of the following are factors indicating that a company is a price-taker?Multiple select question.product not uniqueproduct is uniqueweak competitionstrong competitionproduct not brandedproduct branded
Question
Which of the following are factors indicating that a company is a price-taker?Multiple select question.product not uniqueproduct is uniqueweak competitionstrong competitionproduct not brandedproduct branded
Solution
The factors indicating that a company is a price-taker are:
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Product not unique: If a company's product is not unique and similar products are available in the market, the company cannot set its own price and has to accept the market price.
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Weak competition: If there is weak competition in the market, it means there are many sellers selling similar products. In such a case, a single company cannot influence the market price and has to accept the price determined by the market.
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Product not branded: If a product is not branded, it means it does not have any unique features that distinguish it from other products in the market. Therefore, the company cannot set its own price and has to accept the market price.
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