Market power refers to the: a

Marketing Jan 14, 2021

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 option is:

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

Market power is also known as bargaining power. It refers to the ability of an individual to influence the market prices of the product owing to the market features and market structures.

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