A firm is said to have "market power" only when
A)it has the ability to influence the price of its product.
B)it has the ability to choose its own profit-maximizing level of output.
C)its demand curve is the market demand curve.
D)it is one of 10 or fewer firms in the industry.
E)it is one of 25 or fewer firms in the industry.

Question

Quizplus · Accepted Answer

Market power refers to a firm's ability to influence the price of its product, which is typically due to a lack of competition or unique product offerings.

A Firm Is Said to Have "Market Power" Only When