A City Guide To An…«pgarh for price taker: a firm that must accept the price established by the market as a whole, but who can sell as many units of output as desired at that market price. privatization: the process of converting governmentowned enterprises into private sector firms. producer’s surplus: the difference between the lowest price a producer would be willing to receive for a good and the actual price of the good, typically calculated for a market as a whole (i.e., for all units sold within the market, rather than for just one producer). productive efficiency: a condition that describes the efficiency associated with producing goods and services at low cost. Productive efficiency occurs when goods are produced at the lowest possible opportunity cost (i. A City Guide To An…«pgarh 2016.