Passage: The Digital Stock Photo Marketplace

Imagine a global digital platform where thousands of independent photographers sell high-quality, standard "Blue Sky" stock photos. Because a clear blue sky is a homogeneous product, no photographer can charge more than the going rate of $1 per download. If a photographer tries to sell it for $1.10, buyers immediately switch to one of the thousands of other identical photos. In this market, the photographers are price takers, and they face a perfectly elastic demand curve.

During a summer travel boom (the Short-Run), the demand for these photos spikes, pushing the price to $2. At this price, most photographers find that their revenue per photo is much higher than their Average Total Cost (ATC), leading to supernormal profits. However, seeing these high returns, thousands of new hobbyist photographers enter the platform. By the next season (the Long-Run), the massive increase in the supply of "Blue Sky" photos drives the price back down to exactly the point where it touches the minimum of the Long-Run Average Cost (LAC) curve. Now, photographers only earn normal profits, just enough to cover their internet bills and the value of their time.

In the context of the Stock Photo Marketplace, which of the following best describes the 'Price Taker' status of a photographer?