ABSTRACT
THE price taker is a firm or person who faces set offers and is free only to choose among the different offers confronting him and to vary the quantities he buys or sells. It is immaterial from his point of view whether these offers are determined by the impersonal forces of the market, set by the other party to the transaction, or prescribed by authority. Whatever the case may be, he has to adapt his behavior to given opportunities of exchange and set terms of contract, which he regards as data.
