The Regulation of Industry

By Dudley F. Pegrum | Go to book overview

CHAPTER V
Price Policies

Meaning and Function of Price Policies

THE pricing of the products or services of modern industry is rarely determined solely by the impersonal operation of the market. Instead, the seller participates directly in the process of pricing because of the general practice of quoting prices at which goods will be sold and because of the departure from pure competition in a great many market situations. When prices are arrived at partly through the action of the producer of a particular commodity, a price policy emerges. Under conditions of pure competition the producer or seller cannot influence prices to his own advantage. He can, however, adapt his production to the current price situation. Consequently, he will have a production policy, but not a price policy. The producer who is able to exercise, to his own advantage, some influence on the market of the product which he sells has the choice of fixing his price and then adjusting his supply to it or of determining the supply and letting price take its course. In other words, he will have a price policy as well as a production policy.

The marketing of most manufactured goods, as well as many other types of goods, is normally carried on through the medium of quoted prices. In arriving at the price to be quoted, the producer takes into consideration all of the many factors which affect prices, as well as the effects of his decision on his own output. In other words, he can have both a production and a price policy, but the price which he receives for his product will not be determined independently of his production policy. When an enterprise determines its prices in advance, the management must decide what kind of price policy it will adopt and fix its prices accordingly. This operation will entail decisions as to the price relationships of the various commodities that are to be produced and the prices to be charged to different classes of customers and in different geographic areas. It will also involve the question of frequency of price changes: "Are the prices to be quoted with the intention of maintaining them for some considerable period of time; are they to be announced

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The Regulation of Industry
Table of contents

Table of contents

  • Title Page iii
  • Preface vii
  • Table of Contents xi
  • Chapter I - The Problem and Its Setting 1
  • References 15
  • Chapter II - Institutional Arrangements 17
  • References 42
  • Chapter III - Forms of Business Organization 44
  • References 72
  • Chapter IV - The Scale of Enterprise 74
  • References 100
  • Chapter V - Price Policies 102
  • References 125
  • Chapter VI - The Combination Movement in The United States 127
  • References 156
  • Chapter VII - Integrated Combinations 158
  • References 173
  • Chapter VIII - Combination by Agreement 175
  • References 195
  • Chapter IX - The Law and Industrial Control 197
  • References 231
  • Chapter X - Anti-Trust Legislation 233
  • References 258
  • Chapter XI - Judicial Enforcement of The Anti-Trust Laws 260
  • References 310
  • Chapter XII - The Federal Trade Commission 312
  • References 359
  • Chapter XIII - Patents 361
  • References 387
  • Chapter XIV - International Combinations 389
  • References 421
  • Chapter XV - Control of the Corporation 423
  • References 439
  • Chapter XVI - The State and Economic Life 440
  • References 458
  • Chapter XVII - The Problem of National Policy 461
  • References 481
  • Table of Cases 483
  • Index 489
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