Market power is
A)A characteristic of all market structures.
B)The ability to alter the market price of a product.
C)Most common for competitive firms.

Question

Quizplus · Accepted Answer

Market power refers to the ability of firms to alter the market price of a product, which is true for some market structures like monopolies, oligopolies, and monopolistic competition. It is not a characteristic of all market structures, as some markets are perfectly competitive and have no market power.

Market Power Is