Which of the following statements is true of price-makers?
A) The supply curve of price-makers is downward sloping.
B) The demand curve that price-makers face is upward sloping.
C) Price-makers set the price of a good after they determine how much to produce.
D) Price-makers determine how much to produce after they set the price of a good.

Question

Quizplus · Accepted Answer

Price-makers, unlike price-takers, have the market power to set the price of their goods or services. They decide on the quantity to produce based on their desired price point, which can influence the market price due to their significant control or unique product offerings.

Which of the Following Statements Is True of Price-Makers