Which of the following statements is true? a. companies are price-setters for a product when there is intense competition. b. companies are price-takers when they have little or no control over the prices of their products or services. c. companies are price-takers when their products are unique. d. companies are price-takers for a product when the pricing approach emphasizes cost-plus pricing.
B - Companies are price-takers when they have little or no control over the prices of their products or services.
Price takers are firms that do not have control or do not set the prices for their goods or services. They take the price set by the market.
Price takers operate in perfectly competitive markets. Price takers have close substitutes for their goods and services.
Price makers are firms that have the ability to influence the price of their goods or services.
They are usually monopoly firms with no close substitutes for their goods or services.
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