Fixprice Competition

Harold Lydall

Chapter 4 in The Entrepreneurial Factor in Economic Growth, 1992, pp 36-48 from Palgrave Macmillan

Abstract: Abstract Under conditions of either perfect or semi-perfect competition goods and services are, in effect, sold at auction to the highest bidder. Services have scarcely ever been sold like that; and, even in medieval times, most artisan products were sold in a different fashion. In modem industrialized economies only a very small proportion of total output — at most about 10–20 per cent — is sold by auction. The great bulk of products is sold at prices fixed by their producers or sellers. I have borrowed from Professor Hicks the term ‘fixprice’ to describe this type of market.

Keywords: Marginal Cost; Demand Curve; Cost Curve; Marginal Revenue; Limit Price (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1057/9780230374461_4

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