Market power/Definition: Difference between revisions
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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 | a measure of departure from the ideal of ''perfect competition'' in which every firm is a price-taker | ||
Revision as of 09:07, 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