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The definition of a price maker is a firm with some power to set the price beacuse the demand curve for its output slopes downward, which is effect, means those firms with a downward sloping demand curve have have some market power.
1. how does a firm then maximizes their revenue? and describe the relationship of the demand curve and total revenue curve, indicating which of the four types of market structures market power like this would occur.2. what happens when a firm raises its price in a market in which the price is in the inelastic range of the demand curve?3. what happens when a firm raises in which the price is in the elastic range of the demand curve?
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