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The definition of a price maker is a "firm with some power to set price because the demand curve for its output slopes downward," which in effect, means those firms with downward sloping demand curves have some market-pricing power.
All firms potentially have market-pricing power in the short run, but in the long run, only certain firms possess it.
How does a firm then maximize its total revenue? Describe the relationship of the demand curve and total revenue, indicating in which of the four types of market structures this market-pricing power would occur (i.e., pure competition, monopolistic competition, oligopoly, monopoly) in the long run?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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