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Business Jargons A Business Encyclopedia. Going-Rate Pricing. Definition: The Going-Rate Pricing is a method adopted by the firms wherein the product is priced as per the rates prevailing in the market especially on par with the competitors.
A price taker, as the name implies, has no ability to charge a price above the going market price. If it does, it will lose all of its customers to the myriad of other competing sellers. In price-taker markets, prices are not set by an individual firm, but by the broader market via the forces of supply and demand.