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A price-maker: a
A price-maker:
a. can sell its product at any price.
b. is a characteristic held by a perfectly competitive firm.
c. will always make economic profits.
d. has some control over the price it charges.
e. must set the price at the market price.
Expert Solution
The correct answer is d) has some control over the price it charges
A price-maker is one who can make decisions regarding the price of goods and services. Producers in the monopolistic market, oligopolistic market, and a monopoly market are price-makers because they control the prices of goods and services they produce. However, the control over the prices is not equal for everyone. For example, a monopolist has the highest control over the prices, and the producer in the monopolistic market has the least control over prices.
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