Market power is the power to produce at the lowest cost.

Name: Market power is the power to produce at the lowest cost.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Market power refers to the ability of a company to influence the market price of goods or services. It is not necessarily related to production costs. A company with a strong market power can charge higher prices than its competitors even if it has higher production costs.

Market Power Is the Power to Produce at the Lowest