In microeconomics, a price maker is a firm that can influence the price of a good or service in the market. Price makers have some control over the price of a good or service due to factors such as production costs, market demand, and availability. The term is usually used in contrast to "price taker," which refers to firms that cannot influence the price of a good or service. Who is the price maker Why? The price maker is the one who sets the prices of goods and services in the market. They are usually the ones who have the most control over the supply and demand of the goods and services being traded. Is Apple a price maker? Apple is not a price maker. Instead, it is a price taker. This means that it must take the prices set by the market and cannot influence them. What are the 5 examples of monopoly? 1. The diamond industry is a monopoly because only a small number of companies control the vast majority of the world's diamond supply.
2. The pharmaceutical industry is a monopoly because the high cost of research and development prevents new companies from entering the market.
3. The cellular phone industry is a monopoly because the high cost of infrastructure prevents new companies from entering the market.
4. The cable television industry is a monopoly because the high cost of infrastructure prevents new companies from entering the market.
5. The Internet service provider industry is a monopoly because the high cost of infrastructure prevents new companies from entering the market. What is a price maker quizlet? A price maker is a firm that has the power to set prices for its products or services. This power may come from the firm's ability to influence the market, or from its control over the supply of a key input. Is perfect competition a price taker? Yes, perfect competition is a price taker. In perfect competition, firms take the prices set by the market as given and do not have any market power to set prices themselves.