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Homework answers / question archive / Market power refers to the: a

Market power refers to the: a

Marketing

Market power refers to the:

a. power of a single person or small group to influence market prices.

b. ability of a person or small group to successfully market new products.

c. power of the government to regulate a market.

d. importance of a certain market in relation to the overall economy.

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The correct answer is a. power of a single person or small group to influence market prices.

An entity is said to have market power when it can manipulate the prices of a market. This is because the ability to manipulate prices affects not only a firm but also the firms around it. A firm with price-making powers can affect which firms enter and which firms leave a market.