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The definition of a price maker is states as “firm with some power to set the price bcoz the demand curve for its output slopes downward”, that in effect, mean those firms with a downward sloping demand curve having some market power.
1. How does a firm maximize their total revenue? 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 (i.e., perfect competition, monopolistic competition, oligopoly, monopoly).
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 its price in a market in which the price is in the elastic range of the demand curve?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9502146

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