A City Guide To Lianjiang for price control: when government imposes a specific price on an industry, often different from the price that would have otherwise arisen in the market. price discrimination: the act of charging different prices to different consumers, but not on the basis of differences in cost. price elasticity of demand: a measure of the percentage change in the quantity of a good sold relative to the percentage change in the price of the same good. price floor: a price control that establishes a minimum price for a good. If the price floor causes market prices to increase, then surpluses will arise. price leadership: an industry where one firm sets the price for the industry as a whole, where the other firms within the industry respond by selling their goods at the leader’s price. price setter: a firm that has the ability to set a specific (profit-maximizing) price for its own goods, rather than having to accept a price established by the market as a whole. A City Guide To Lianjiang 2016.