Firms in competitive industries have no control of the price
of their product. If they raise the price above the market price then demand
for their output will fall to zero. If they reduce price below the industry
level then they can essentially sell any amount of the product. Commodity markets
provide the purest examples of price takers. Think, for example, of how much
control a gold miner has over the price at which it can sell its output. See
also
price seekers.