Introduction to Price Theory

Front

Price Theory

Back

Study of how prices are determined

Front

Demand

Back

Consumer desire for goods/services

Front

Supply

Back

Producer offering of goods/services

Front

Equilibrium Price

Back

Where demand equals supply

Front

Elasticity

Back

Measure of responsiveness to price change

Front

Market Structure

Back

Organization of a market

Front

Perfect Competition

Back

Many buyers and sellers, identical products

Front

Monopoly

Back

Single seller, unique product

Front

Oligopoly

Back

Few sellers, similar products

Front

Price Discrimination

Back

Charging different prices to different consumers