Examlex
Economists object to monopolies on the grounds of efficiency.Why is this? Explain.
Price Taker
A seller (or buyer) that is unable to affect the price at which a product or resource sells by changing the amount it sells (or buys).
Price Maker
A market participant that has the power to influence the price of a product or service by controlling its supply, its demand, or both.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, leading to a market balance.
Marginal Revenue
The extra profit made by selling an extra unit of a product or service.
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