Price makers

Definition

Price makers are firms or individuals that have the ability to set the price of a product or service in the market. They have control over the supply and demand conditions, allowing them to influence prices.

Related terms

Monopoly: A type of market structure where there is only one seller who has complete control over the market, including setting prices.

Oligopoly: A market structure where a few large firms dominate the industry and have some control over prices.

Market power: The ability of a firm or group of firms to influence prices and output in a market.