A business firm has "market power" when

Question

Quizplus · Accepted Answer

Market power refers to a firm's ability to influence or manipulate prices or output in the market. This means that the firm has some degree of control over the market and can potentially charge higher prices or limit production to increase profits. Simply having successful products, being able to sell all produced products at current prices, or having brand recognition does not necessarily equate to having market power.

A Business Firm Has "Market Power" When