Price maker
What Price maker means in Economics GCSE, as defined for AQA, Pearson Edexcel.
Definitions of Price maker
Exam boards and our study guides word this term in slightly different ways. Learn the version your board uses.
Check what you remember
Read the wording for your board, then hide it and explain Price maker in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
A firm in a non-competitive market that possesses price-making power, allowing it to set its own prices rather than take them from the market.
A firm that has the market power to set the price of its goods or services.
Topics that use Price maker
- Non-competitive markets (AQA GCSE)
- Business economics (Pearson Edexcel GCSE)
Related terms
- Oligopoly
- Barriers to entry
- Break-Even Point
- Consumer welfare
- Dynamic efficiency
- Economies of scale
- Fixed costs
- Interdependence
Using Price maker in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
Practise Economics questions
Create a free account to answer exam-style questions on this topic and get feedback on your answers.
A week of Premium from your first lesson · Then the free plan continues · No card, no charge