Differentiated from other sellers in the same market

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A price taker being a seller who is unable to set the price of the goods they wish to sell and must accept market value. Because the product that is being sold in a price taker market is unable to be differentiated from other sellers in the same market. A good example of a price taker is a farmer who sells wheat. Wheat is an undifferentiated product with many sellers all selling a similar product, as such the wheat farmer must accept the market price for its product. Because the demand curve for price takers is horizontal the seller is unable to sell any wheat at a higher than market price. Your reply should also be at least two paragraphs long and demonstrate your own understanding of the (four) characteristics of a price taker (versus a price searcher) in the Product Market.

Reference no: EM131172870

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