Anony5862 Anony5862

25-10-2022
Business

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market power refers to group of answer choices the ability of consumers to dictate what products should be produced. the ability of a firm to sell at a lower price than rival sellers. the ability of a firm to advertise its product and succeed in selling more output. the ability of a firm to charge a price higher than the marginal cost of production

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qwoffwhite qwoffwhite

04-11-2022

Market power refers to the ability of a firm to charge a particular price higher than the marginal cost of production.

So, the correct option is D.

The term "market power" or "monopoly power" describes a company's capacity to set and maintain prices higher than those that would prevail in a competitive environment. Economic welfare is lost when market power is used, which reduces output. Both "market power" and "monopoly power," terms used by economists to describe the ability of a single business or group of enterprises to set prices that are profitable above marginal costs, exist.

Less technically, both words allude to having prices that are higher than those of competitors. Market power and inequality have also been linked by research. Prices and corporate profits grow while worker wages decline in an economy with little competition. Accordingly, consumers and employees pay the price while big businesses and their stockholder's profit.

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