When a single person (or small group)has the ability to influence market prices,there is
A)competition.
B)market power.
C)an externality.
D)a lack of property rights.

Question

Quizplus · Accepted Answer

Market power occurs when a single person or a small group has the ability to influence market prices. This can be due to factors such as barriers to entry, control over key resources or information, or network effects. It can lead to reduced competition and potentially harm consumers if the entity with market power uses their position to raise prices or limit choices. The other options (competition, externality, lack of property rights) do not directly relate to market power.

When a Single Person (Or Small Group)has the Ability to Influence