market power
Definition
Extent to which a firm can influence the price of an item by exercising control over its demand, supply, or both. Under the economic concept of perfect competition, all firms in a market are assumed to have zero market power. Thus, each firm has to accept the current market price without being able to exercise any control over it. In reality, however, in every market some firms do have varying levels of market power; firms with highly differentiated products having almost monopoly power.
market power is in the Advertising, Marketing, & Sales and Economics, Politics, & Society subjects.
market power appears in the definitions of the following terms: countervailing power, monopolistic competition and proprietary standard
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