For 10 points, name this quantity that is the payment demanded for a good or service.
In an oligopolistic market, the time series plot of this value may take on a sawtooth shape as a result of dynamic equilibria, as predicted by the theory of "Edgeworth cycles." In a paper on the "theory" of this value "and business behavior," Robert Lowe Hall and Charles Hitch theorized that  rms' original decisions regarding this value explained the initial location of a "kink." Unlike the Cournot model of oligopolies, the Bertrand model takes this value as the choice variable. The "kinked" demand curve was formulated to explain why this quantity, like wages, is sometimes "sticky." A "taker" of this quantity lacks "market power," which is the ability of an economic actor to set this quantity. For 10 points, name this quantity that is the payment demanded for a good or service.
In an oligopolistic market, the time series plot of this value may take on a sawtooth shape as a result of dynamic equilibria, as predicted by the theory of "Edgeworth cycles."
price(s)