Learn what a price taker is, see examples in competitive markets like grain and oil, and understand how they differ from price makers in economics.

Both microeconomics and macroeconomics involve examining economic behavior, but they differ in terms of the scale of the subjects being studied. Microeconomics is the field of economics that looks at ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Erika Rasure is globally-recognized as a ...