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September 28, 2023 

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INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

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PRICE MAKER: A buyer or seller that possess sufficient market control to affect the price of the good. Price market should be compared with the alternative, price taker. From the selling side of the market, a monopoly is the best example of a price maker. As the only seller in the market, a monopoly firm has the ability to control the price. Firms operating under oligopoly and monopolistic competition are also price makers, although to a lesser degree, depending on their relative market control. From the buying side of the market, a monopsony is also a price maker. As the only buyer in the market, a monopsony firm is able to control the price. Firms operating under oligopsony and monopsonistic competition are price makers, also to a lesser degree.

     See also | price | market structure | price taker | monopoly | oligopoly | monopolistic competition | monopsony | oligopsony | monopsonistic competition | price leadership | natural monopoly | regulatory pricing | antitrust laws | monopoly and demand |


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PRICE MAKER, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: September 28, 2023].


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RESOURCE PRICES, SUPPLY DETERMINANT

The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.

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