Asked by
Nafisa Farah
on Nov 05, 2024
Verified
A firm has market power if it can raise the price of its product and still sell product to customers.
Market Power
The ability of a firm or group of firms to control prices and output levels in a market.
- Understand the importance of market dominance in determining prices and production levels.
Verified Answer
MB
Learning Objectives
- Understand the importance of market dominance in determining prices and production levels.