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Market power refers to the: a
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.
Expert Solution
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.
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