EXERCISE 8.2PRICE-TAKERS

Think about some of the goods you buy: perhaps different kinds of food, clothes, transport tickets, or electronic goods.

1.Are there many sellers of these goods?

2.Do you try to find the lowest price in each case?

3.If not, why not?

4.For which goods would price be your main criterion?

5.Use your answers to help you decide whether the sellers of these goods are price-takers. Are there goods for which you, as a buyer, are not a price-taker?