__________ power relates to a firm's ability to control price and exclude competitors.

Question

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Market power refers to a firm's ability to influence the price and quantity of goods and services in the market. This could be achieved through a number of ways such as having a significant market share, controlling key resources or having distinct product differentiation. Market power allows a firm to operate with less competition, potentially leading to higher profits. Marketing power, on the other hand, refers to a firm's ability to influence consumer behavior through its marketing efforts, such as advertising, promotions, and branding. Product power relates to a firm's ability to create and offer unique and high-quality products. Production power, meanwhile, refers to a firm's ability to efficiently produce goods and services.

__________ Power Relates to a Firm's Ability to Control Price