The price minus the marginal cost divided by the price. It is inversely proportional to the elasticity of demand for […]

A strategy that involves setting a high initial price in order to maximize the per unit income from each sale. […]

A vendor of a commodity who is forced to sell its wares at the going rate.

A policy that uses a tax or subsidy to affect prices, with the goal of internalizing the external effects on […]

The curve that gives the real wage paid when firms choose their profit-maximizing price.

Characteristic of producers and consumers who cannot benefit by offering or asking any price other than the market price in […]

The ability of a firm to increase its prices without losing customers.

The government deficit (its revenue minus its expenditure) excluding interest payments on its debt. See also: government debt.

A market in which workers are typically represented by trade unions, and enjoy high wages and job security. See also: […]

See also: secondary and primary markets