|
|
MARKET POWER: The ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market. Market power largely depends on the number of competitors on each side of the market. If a market has relatively few buyers, but many sellers, then limited competition on the demand-side of the market means buyers tend to have relatively more market power than sellers. The converse occurs if there are many buyers, but relatively few sellers. This is also termed market control.
Visit the GLOSS*arama
|
|
|
|
|
PERFECT COMPETITION, PROFIT ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.
Complete Entry | Visit the WEB*pedia |
|
|
|
Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
|
|
|
"Most human beings have an almost infinite capacity for taking things for granted. " -- Aldous Huxley, writer
|
|
IBEX-35
Stock Index (Spain)
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
