The Economist defines market power a situation when one buyer or seller in a market has the ability to exert significant influence over the quantity of goods and services traded or the price at which they are sold.
The Economist goes on to say:
“Market power does not exist when there is perfect competition, but it does when there is a monopoly, monopsony, or oligopoly.”
Atlas topic, subject, and course
The Economist, Market power, Economics A-Z, at http://www.economist.com/economics-a-to-z/m#node-21529856, accessed 7 May 2016.
Page created by: Ian Clark, last modified 7 May 2016.