In conditions of perfect competition, there is an important concept: price takers. They adapt to the market. Since almost any market is competitive nowadays, it is necessary to understand which companies fall under the concept of price takers.
Price takers of course exist in a monopoly, there are just not so many of them. However, in conditions of perfect competition, almost all companies are price takers. In this article, we will analyze different examples of price takers in different markets.