A firm characterized as a price taker: a) has control over the price it pays, or receives, in the market. b) sets the price for the market. c) takes the price that is determined from the lowest price consumers are willing to pay for an item. d) has no control over the price it pays, or receives, in the market. e) is not a characteristic of a perfectly competitive market.

The correct answer is c) takes the price that is determined from the lowest price consumers are willing to pay for an item.

Explanation:

A price takers usually operates in a perfectly competitive market where there are many sellers and goods are all homogenous. Moreover, anyone can enter and exit the market at anytime they want.

Also, another reason for becoming a price takers is that there is no room for differentiation of the product.

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