Asked by
Briana Burras
on Dec 19, 2024
Verified
"Price maker" means that a monopoly can decide whatever price it wants to, in order to sell a specific given quantity of its product.
Price Maker
A firm or entity that has the power to influence the price of goods or services in the market due to a lack of significant competition.
- Comprehend the fundamental principles of a monopoly, including the capacity of a monopolist to determine pricing.
Verified Answer
BD
Learning Objectives
- Comprehend the fundamental principles of a monopoly, including the capacity of a monopolist to determine pricing.