The individual firm, operating under perfect competition, is characterized as a prize taker.
An individual or business that must accept market prices because it lacks the market share to do so on its own is known as a price-taker. In a market where there is perfect competition, all players in the economy are regarded as price takers. This is valid for both sellers and purchasers in the debt and stock markets as well as producers and consumers of commodities and services. Therefore, option B is the correct choice.
A single buyer or seller does not possess sufficient market power to control the market's price or output. In the firm, there are no obstacles to entering or leaving. Every company and consumers are involved in the market shares.
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