Market power/Definition: Difference between revisions
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imported>Chris Day No edit summary |
imported>Nick Gardner No edit summary |
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The ability of a supplier to exercise a degree of choice concerning the pricing of a product by restricting its supply | The ability of a supplier to exercise a degree of choice concerning the pricing of a product by restricting its supply: | ||
a measure of departure from the ideal of perfect competition in which every firm is a price-taker | |||
Revision as of 10:06, 3 November 2009
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Market power [r]: The ability of a supplier to exercise a degree of choice concerning the pricing of a product by restricting its supply: a measure of departure from the ideal of perfect competition in which every firm is a price-taker