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Oligopolistic Prices in a Free Market—Antigua Guatemala 1

1973; Wiley; Volume: 75; Issue: 5 Linguagem: Inglês

10.1525/aa.1973.75.5.02a00190

1548-1433

John Swetnam,

Economic Theory and Policy

In contrast to Tax's view that Guatemalan markets are perfectly competitive, information on the inventories, costs, and incomes of three Antigua marketers indicates that prices may become fixed at high levels. These prices are the result of a complex of buying and selling practices which result in price control in the absence of either product differentiation or collusion among vendors. This system of pricing is contrasted to the most similar economic theory of pricing and indicates the need for precise examinations of the relationship of individuals to the markets in which they sell.