A price taker is a buyer or seller who: A. has complete control over setting the market price. B. can influence the market price. C. has no control over setting the market price. D. has the goal of maximizing market share, not profits. 2. A competitive market is one in which: A. fully informed price-taking buyers and sellers easily trade a standardized good. B. few large sellers compete for a majority of the market share. C. government oversees its operation. D. None of these describe a competitive market. 3. Standardized goods are: A. goods which are regulated by government quality standards. B. goods which are easily substitutable and not distinguishable. C. the most common type of good produced. D. those sold in markets with regulated price systems. 4. Perfectly competitive markets: A. are more an idealized model economists use than a real-life occurrence. B. are the most common type of market in Canada. C. tend to have relatively few buyers. D. tend to have relatively few sellers.