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 supplier is a price-taker | ||
a measure of departure from the ideal of perfect competition in which every | |||
Latest revision as of 04:12, 27 October 2010
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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 supplier is a price-taker