Businesses that operate in a perfectly competitive market are considered “price takers” because all market participants, those buying or selling, have no effect on the market price of a good. They have no ability to charge an amount above the market price. If they decide to, they will sell nothing, and lose their customers to all their competitors. The products are the same with no difference in them so the consumer will purchase the good at the cheapest cost possible.
Water, wheat, rice and corn are good examples.
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