Price Taker
Business with no control over price; must accept market price.
Real World
A wheat farmer in Lincolnshire must sell at whatever price the global commodity market sets that day — if the world price falls due to a bumper harvest in the US, they earn less regardless of their own costs.
Exam Focus
Contrast price takers with price makers explicitly in answers; link to market structure (perfect competition vs monopoly) for higher-level marks.
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