The definition of a price maker is a ldquofirm with some, Ask an Expert

Management Studies

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?

View complete question

Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M93086037

Have any Question?Write your Review or question?

Related Questions in Operation Management

1 how does network development relate to the work breakdown

1. How does network development relate to the work breakdown schedule (WBS)? how is the WBS related to project network development? How can the project manager reduce problems when integrating the work package and the ne ...

1 develop a incident response and business continuity

1. Develop a Incident Response and Business Continuity Planning for Eqauifax 2. How selectivity ratio and distribution coefficient can affect liquid-liquid extraction process? 3. Describe the tangible benefits of a well- ...

1 suppose you own a candy bar manufacturing business and

1. Suppose you own a candy bar manufacturing business and you read that 30% of food manufacturing employees eat more than their hourly wage while on the job! You have 30 employees. Calculate the probability that four or ...

Access to clean water is considered by many to be a basic

Access to clean water is considered by many to be a basic human right, yet significant numbers of people do not have it. Focus on a specific geographical area and identify obstacles and propose solutions. I have decided ...

1 in your own words define what strategy is how do key

1. In your own words, define what strategy is. How do key elements including vision and mission statements, strengths, weaknesses, opportunities, threats, key success factors, competitor analysis, and balanced score card ...

Contract law using irac method to answer 700 wordsdavid

Contract law? Using IRAC method to answer? 700 words David owns a music store. He wants to encourage more customers to visit the store so he decides that he will put in massage chairs for customers to use when listening ...

1 discuss with salespersons about their prospecting system

1. Discuss with salespersons about their prospecting system they use in planning their sales calls. (Subject: sales management) 2. What types of employer conduct with respect to unions does the law prohibit? Do you agree ...

You have been taking doctoral-level classes at a local

You have been taking doctoral-level classes at a local university while continuing to work as a mid-level manager in state government. Some of your fellow workers have been teasing you lately about your “theoretical” app ...

Create a business pitch for your business plan in a 20- to

Create a business pitch for your business plan in a 20- to 25-slide Microsoft® PowerPoint® presentation that addresses the following: Company Headline Problem Worth Solving Our Solution Target Market Competitive Landscap ...

1 write 350 word essay on the following questions a how

1) Write 350 word essay on the following questions: (a) How does knowledge management promote organizational learning? (b) What determines which kind of knowledge management system a company should adopt? 2) Research “sk ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Operation Management Expert