Synopses & Reviews
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: ity at the prevailing price, he may purchase the differentiated commodity at that price because of his greater subjective valuation upon the latter. Chart II? Selling at the Market This is an attempt to show graphically the effect of a stimulation of increased demand for a commodity without any increase in the price at which it is marketed. The ordinate, ox, is a scale of increasing price. The abscissa, oy, shows the number of purchasers. The arc LM indicates the number of purchasers at any given price, growing less as the price is increased and greater as the price is decreased. If the established market price is represented by oa, the number of purchasers at that price will be represented by oc. If then by stimulating an increased demand for bis product, the merchant-producer is able to increase proportionally the number of purchasers at each price level, the demand curve LM will be replaced by L'M', and at the price, oa, a greater number of purchasers, oc', will purchase. This chart does not, of course, show how customers already in the market are drawn from other merchant-producers to the purchase of a differentiated product for which a demand in stimulated at the same price level as the products of the other merchant- producers. (3) Selling at the market plus is perhaps the most characteristic price policy of modern distribution. The exceptionally able distributors have in recent years turned more and more to this policy. They refuse to accept as a fixed condition the market price for the commodities similar to those which they produce. They isolate their product, andestablish it, practically as a new commodity, on a different price level. The whole basis of the policy is the differentiation of a product from other goods of substantially like nature by im...
Synopsis
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