What is market power?
A) the power of a single person or group to influence market prices
B) the ability of a person or group of people to successfully market new products
C) the power of the government to regulate a market
D) the relative importance of a market to the overall economy

Question

Quizplus · Accepted Answer

Market power refers to the ability of a single person or group to influence the price or output of goods and services in a given market. This power is derived from the ability of the person or group to control a large share of the market, limit competition, or have exclusive access to important resources or technologies. This can lead to higher prices and reduced output, and can harm consumers and the broader economy if left unchecked.

What Is Market Power