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Understanding Market Power An example of market power is Apple Inc. in the smartphone market. Although Apple cannot completely control the market, its iPhone product has a substantial amount of market share and customer loyalty, so it has the ability to affect overall pricing in the smartphone market.

Monopolies, oligopolies, monopsonies and oligopolies have market power because they care able to affect he the supply or demand of a market. A monopoly or oligopoly can restrict the supply in a market to force an increase in the price of a good.

Market power refers to the ability of a firm (or group of firms) to raise and maintain price above the level that would prevail under competition is referred to as market or monopoly power. The exercise of market power leads to reduced output and loss of economic welfare.

Magnitude of a firm's market power is shown by a firm's ability to deviate from an elastic demand curve and charge a higher price (P) above its marginal cost (C), commonly referred to as a firm's mark-up or margin. The higher a firm's mark-up, the larger the magnitude of power.

When marginal cost is higher, a firm sets a higher price. When demand is more inelastic (so a firm has more market power), the markup is higher, so a firm sets a higher price. When demand is perfectly elastic, the markup is 1, and the firm sets its price equal to marginal cost.

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74 for an atomistic firm. The monopolist will receive economic profits as long as price is greater than average total cost.Whenever there is variety, and hence some amount of brand loyalty, firms will have some market power, i.e. In response to consumer inertia, profit-maximizing firms will internalize the effect of their current price on demand in future periods. Incumbent firms. Here in Minnesota, we do not even have a prohibition on price gouging.

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