Which term refers to a single entity that has the ability to influence market prices?
A) competition
B) market power
C) efficiency
D) productivity

Question

Quizplus · Accepted Answer

Market power refers to the ability of a single entity, such as a monopolist or oligopolist, to influence market prices. This can result in a lack of competition and potentially inefficient outcomes. Efficiency and productivity are related concepts, but do not refer specifically to the ability to influence market prices.

Which Term Refers to a Single Entity That Has the Ability