The firm is a price taker in a competitive market, it cannot control the going price of inputs or the going wage of workers, so profit maximization is impossible is focused on making the right choice about the quantity to produce.
What exactly does it mean to be a price taker?
A price-taker is any firm that is unable to influence the general level of commodity prices by changing the quantity of product produced; a firm operating in a perfectly competitive market is, by definition, a price-taker.
In a competitive market, the firm is a price taker; it cannot control the going price of inputs or the going wage of workers, so profit maximization is impossible; instead, the firm is focused on making the best decision about the quantity to produce.
Learn more about the competitive market, refer to:
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