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PRICE: An asset or item voluntarily exchanged in a market transaction for another asset or item. This item or asset is usually, but not necessarily, money. A barter transaction occurs if money is NOT one of the assets or items exchanged. In a standard market diagram, price is displayed on the vertical axis. Price takes on several specific roles in the functioning of a market. On the demand side, the price reflects the willingness and ability of the buyers to purchase a product which is based on the satisfaction received (the demand price). On the supply side, the price reflects the opportunity cost of production (the supply price). Also the variable in the marketing mix where the organization establishes product positioning objectives. These could be low end to capture more market share or high end to differentiate based on perceived product quality and scarcity. Pricing is based on market research to establish what customer wants and needs are in exchange for valued compensation, typically money or bartering.
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MARKET STRUCTURE CONTINUUM The four common market structures, perfect competition, monopoly, monopolistic competition, and oligopoly, can be viewed as a continuum based on (1) differences in the number of firms in a market, (2) the relative size of each firm, and thus (3) the market control of each firm. Perfect competition lies at one end and monopoly at the other. Monopolistic competition is close to perfect competition and oligopoly is near monopoly. The essence of the continuum is that monopolistic competition blends into oligopoly, with no clear-cut line of separation.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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RBC
Real Business Cycle
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