Which of the following terms refers to the ability of one single business to influence price?
A)Oligopoly
B)Monopolistic competition
C)Market power
D)Game theory

Question

Quizplus · Accepted Answer

Market power is the ability of one single business to influence price.
Key Takeaway: Market power is the ability of one single business to have a major affect upon the market price of an available good or service. In a perfectly competitive market, the involved businesses have little-to-no market power. Within an oligopoly, market power for a particular business is quite substantial.

Which of the Following Terms Refers to the Ability of One