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Anitaw Anitaw
  • 30-03-2016
  • Business
Answered

What does Market Power mean?

Verified Answer :

Hagrid
Hagrid Hagrid
  • 30-03-2016

Market power is the ability of a company or a firm/firm group to raise and maintain the price of a product. This also means that they need to maintain the price above the level that will be better than its competitors. This can also be called as monopoly power as well. However, it can lead towards loss of economic welfare as well.

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