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Family vacation hawaii on BRANDEIS UNIVERSITY market power MARKET POWER REFERS to the ability of MARKET participants to substantially affect prices to their own benefit. While one usually thinks of sellers possessing market power, the definition also applies to situations in which a buyer has the ability to substantively affect the prices paid for a good or service. This is often the case when the government is the sole purchaser of a good, for example, or when a large company is dealing with small suppliers for certain inputs. Market power thus contrasts with perfectly competitive markets, in which market forces determine prices and individual buyers and sellers have little or no power to affect them. The most extreme form of market power is usually associated with MONOPOLY. Market power is of concern when it is directed against consumers in final goods and services markets. Indeed, it is a major indication of unfair, and possibly illegal, trade practices. Family vacation hawaii 2016.

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