the price maker in a competitive market
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A price maker is an entity, such as a firm, with a monopoly that gives it the power to influence the price it charges as the good it produces does not have perfect substitutes. A price makerwithin monopolistic competitionproduces goods that are differentiated in some way from its competitors' products.
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A price maker is the opposite of a price taker: Price takers must accept the prevailing market price and sell each unit at the same market price. Price takers are found in perfectly competitive markets. Price makers are able to influence the market price and enjoy pricing power.
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