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Fixprice Competition

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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 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

  1. 1.
    See Joe S. Bain, Barriers to New Competition (Harvard University Press, 1956); and Paolo Sylos-Labini, Oligopoly and Technical Progress (Harvard University Press, 1962).Google Scholar

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© Harold Lydall 1992

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