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

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

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Market power refers to a firm's ability to control price and exclude competitors due to its market dominance, which is often the result of barriers to entry or economies of scale. This can lead to reduced competition and higher profits for the firm.

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