Answer:
Price Takers
Firms in perfect competition are price takers
All businesses have to accept the price that is set by the market
Firms are not able to set their own price
Price Makers
As pure monopolies rarely exist having one firm as a price maker is unlikely
If firms are able to set prices in a market the extent to which they can is influenced by price elasticity for that market, the more inelastic the demand for a product the more a firm can set the price
Explanation:
