BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Seller’s Market
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Buyer’s Market
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Government
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Market
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Detailed explanation-1: -In a perfectly competitive industry, each firm is so small relative to the market that it cannot affect the price of the good. Each perfectly competitive firm is a price taker. Therefore, numerous firms means that each firm is so small that it is a price taker.
Detailed explanation-2: -Types of Price Discrimination These degrees of price discrimination are also known as personalized pricing (1st-degree pricing), product versioning or menu pricing (2nd-degree pricing), and group pricing (3rd-degree pricing).
Detailed explanation-3: -If a consumer believes they are getting a good deal, then lower prices can help get you the sale. On the other hand, low prices can also give the impression that the product is of low quality.
Detailed explanation-4: -A price-taker is an individual or company that must accept prevailing prices in a market, lacking the market share to influence market price on its own. Due to market competition, most producers are also price-takers. Only under conditions of monopoly or monopsony do we find price-making.