the money value of a unit of aGOOD,SERVICE,ASSETorFACTOR INPUT. In some markets (for example, seePERFECT COMPETITION), price will be determined entirely by the forces ofDEMANDandSUPPLY. By contrast, in other markets (for example,MONOPOLYmarkets) powerful suppliers have considerable discretion over...
Define Price currency. Price currency synonyms, Price currency pronunciation, Price currency translation, English dictionary definition of Price currency. n. A rate of exchange. American Heritage® Dictionary of the English Language, Fifth Edition. Cop
perfect competition (redirected fromPrice-taking) Also found in:Financial,Encyclopedia. perfect competition n (Economics)economicsa market situation in which there exists a homogeneous product, freedom of entry, and a large number of buyers and sellers none of whom individually can affect price ...
We study the link between competition and price discrimination by examining the decision to offer each of the possible selects. Under this approach, the decision we analyze is not the decision to offer one or more selects relative to offering none.Footnote 3 Rather, regardless of what other se...
A price taker, in economics, refers to a market participant that is not able to dictate the prices in a market. Therefore, a price taker must accept the prevailing market price. A price taker lacks enoughmarket powerto influence the prices of goods or services. ...
Wouters, in Encyclopedia of Health Economics, 2014 Impact on Competition and Prices Standard microeconomic theory predicts that parallel trade catalyzes price competition. This anticipated price outcome was supported by evidence from Sweden between 1994 and 1999, which showed that prices of drugs exposed...
Nevertheless, due to intense competition and technological innovation among these firms, consumers still get oil at low prices. The nature of an industry or market greatly dictates whether firms and individuals are price takers. For example, most consumers in retail markets are, indeed, price takers...
Competition arises whenever two or more parties strive for something that all cannot obtain. The classical economists felt no need for a very precise definition of competition because they viewed monopoly as highly exceptional. In the late 19th century competition became the subject of intense ...
The process by which equilibrium prices are reached is through aprocess of competition. Among sellers to be the low-cost producer to grab the largest market share, and also among buyers to snatch up the best deals. General Equilibrium
By enacting price control policies, consumers can afford essential goods and services and smaller producers can remain profitable. But critics say that over time, price controls can have the opposite effect, leading to an imbalance between supply and demand, decreased competition, and illegal markets...