20 May Market-Pricing Power
The definition of a price maker is a “firm with some power to set price because the demand curve for its output slopes downward,” which in effect, means those firms with downward sloping demand curves have some market-pricing power.
All firms potentially have market-pricing power in the short run, but in the long run, only certain firms possess it.
How does a firm then maximize its total revenue? Describe the relationship of the demand curve and total revenue, indicating in which of the four types of market structures this market-pricing power would occur (i.e., pure competition, monopolistic competition, oligopoly, monopoly) in the long run?
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