Economics GCSE
Price setting power
What Price setting power means in Economics GCSE, as defined for AQA.
Definition of Price setting power
Check what you remember
Read the wording for your board, then hide it and explain Price setting power in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The ability of firms in non-competitive markets to be 'price makers' rather than 'price takers', influencing prices and output.
Topics that use Price setting power
- Non-competitive markets (AQA GCSE)
Related terms
- Barriers to entry
- Consumer welfare
- Dynamic efficiency
- Interdependence
- Market power
- Market structures
- Monopoly
- Non-price competition
Using Price setting power 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.
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