"Market power" is an expression used to indicate that a firm has
A) no rivals.
B) the power to sell a given output at whatever price it chooses.
C) some freedom from the rigors of intense competition.
D) a monopoly over the product it produces.

Question

Quizplus · Accepted Answer

Market power refers to a firm's ability to influence the price of its product or terms of sale, which implies some freedom from intense competition, but not necessarily a monopoly or the ability to set any price.

"Market Power" Is an Expression Used to Indicate That a Firm